Shanghai Gas Group completes LNG blockchain project
The first phase of a liquefied natural gas (LNG) blockchain project was successfully completed recently by Shanghai Gas Group as a major step toward pushing data sharing and intelligent cooperation in the energy industry.
With the support of VeChain, a leading blockchain application platform, the project provides digitalized information and blockchain verification services to benefit business progression.
The LNG storage tank of No.5 ditch operated by the gas group is now able to upload and search key data through blockchain, including the quality of gas, order information and pickup quantity.
The innovation seeks to break down information barriers for enterprises in the LNG industry including logistics, banks and insurances.
Companies can share data through blockchain and cloud services to improve their safety and production management while trading.
The LNG market in China has expanded over recent years, with regulations in terms of price control and third-party access system made to boost competition and benefit users.
Based on current data, the second phase of the project will focus on comprehensive services including logistics management, energy trade and innovative finance to further explore the “energy as a service” business mode.