The renowned cryptocurrency project, VeChain is partnering with world leaders in energy and gas companies based in China. Shanghai Gas and ENN Energy Holdings are going to leverage VeChain’s, VeChainThor blockchain management tool. Furthermore, the tool will help them manage Liquified Natural Gas (LNG). This one of the initiative of China to become a leading clean fuel and renewable energy adopting country.
VeChain Foundation, the creators of the blockchain project VeChain took to Twitter to make the announcement official and public. They tweeted: “VeChain partners with Shanghai Gas and ENN to pilot blockchain-enabled Liquified Natural Gas solution prior to national roll out.”
More about the collaboration of Shanghai Gas, ENN Energy Holdings and VeChain
China is becoming one of the top importers of the clean energy fuel, Liquified Natural Gas (LNG) just behind Japan. It is going to surpass Japan by 2020, according to the Internation Energy Agency, China. Furthermore, in the last year, there was a staggering growth of 50 percent in this industry in China.
Moreover, the management of the actions required with the import such as tracking it in its transportation and handling of the fuel through customs, and trading it requires a good management solution. Furthermore, this is because the fuel is handling with responsibility because of the dangers with it. Moreover, this will also enhance the transparency and efficiency of the process.
VeChain is providing its VeChainThor blockchain which is a blockchain management solution capable of doing all the mandatory tasks. This will also help audit the process. The announcement was officially made at the China International Gas & Heating Technology and Equipment Exhibition 2018.
The event took place at the Hangzhou International Expo Centre between 29 October to 31st October. The China Gas Association was the organizer of the event. ENN Energy Holdings is giving the online management platform at the GreatGas.cn.
Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.