Shanghai Gas to roll out blockchain enabled energy project

Shanghai Gas to roll out blockchain enabled energy project

Shanghai Gas (Group) Co., Ltd, a wholly-owned subsidiary of Shenergy Group Company Limited which provides energy coverage for greater Shanghai Metropolitan area, collaborate further with VeChain to develop and roll out a blockchain-enabled energy project. The partnership aims to optimize business processes, reduce operation costs, improve the supply chain efficiency and build a trust-free "Energy-as-a-Service" ecosystem.

As a dominant player in the domestic energy industry, Shanghai Gas joined hands with ENN and VeChain to deploy the Pilot Blockchain-Enabled LNG (Liquified Natural Gas) SolutionBased on the success of the pilot project, Shanghai Gas decides to enhance the collaboration to reap more benefits, which leads to the decision to kick off the further blockchain-based energy project.

In the first phase of this project, the LNG delivery information and the component information of the storage tank, which shows the quality of LNG will be collected and uploaded onto the VeChainThor blockchain by leveraging the one-stop BaaS Data Platform - VeChain ToolChainTM. As a result, the solution significantly eliminates information barriers in the supply chain, contributes to a transparent product process, and provides a reliable database for LNG risk management. The project will involve all stakeholders, both upstream and downstream in the entire supply chain for the contribution to the creation of a blockchain-based energy ecosystem in the future.

The global outbreak of the COVID-19 pandemic has facilitated a dramatic demand for digital transformation. The success of the first phase enabled Shanghai Gas to maintain its business operation online during this special period and will serve as a fundamental basis for the fully digital transformation roadmap to come.

The collaboration has formulated a long-term strategic plan to incorporate a comprehensive blockchain-enabled 'Energy-as-a-Service' business ecosystem that includes logistics management, energy trading, innovative financial products and involves key stakeholders around the energy industry.

As "The Belt and Road" initiative progresses, companies that lead the pack in terms of possessing advanced digital infrastructure and technology will play a central role. As the co-founder of The Belt and Road Initiative Blockchain Alliance (BRIBA),  VeChain is confident in enabling businesses and benefiting all stakeholders along the "The Belt and Road" with reliable and proven blockchain technology and infrastructure.

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