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ENN Energy Holdings Limited, one of China’s biggest energy service providers, is harnessing VeChainThor technology to ensure the “optimal quality control and supply chain management” of natural gas.
As per a press release, VeChain, an enterprise-level public blockchain platform, has been collaborating with ENN and state-owned Shanghai Gas since 2018 to develop a tracking solution for liquefied natural gas (LNG) using blockchain technology.
The initiative aims to facilitate an efficient and highly accurate data collection method for ENN’s supply chain. To attain such task, ENN uses a series of Internet of Things (IoT) devices in combination with VeChainThor.
Upon arrival, the gas will be injected into different tanks. Each of these tanks is then an assigned tank number that is linked to relevant data stored on the blockchain, such as composition, quality, calorific value, and gasification rate of the natural gas.
In an episode of Medium’s “Partner Update and Spotlight Series,” Tao Zhou, ENN Deputy General Manager of Domestic Trade Group, revealed that local distributors are also particularly keen on the gas pressure changes during transportation, arrival time, and price changes.
When the gas is delivered to these retailers, reports of all these detailed and complex data will be uploaded to the blockchain. VeChainThor blockchain technology can allow cross-validation and verification of all data on each step of the process, and users can grasp all the information by simply scanning QR codes.
“In this way, we can ensure information authenticity and transparency, while further enhancing safety,” Zhou said.
Moreover, the new solution also makes possible to extend supply chain finance to warehouse receipt pledge, quality traceability, and safety guarantee.
“With the authentic and encrypted data available for checking, supply-chain finance service providers are now provided with an enhanced tool for information query and verification,” as stated in its press release.
Under the partnership, ENN will oversee the design and system construction of business scenarios related to LNG. VeChain will provide blockchain core technology and other essential software services, whereas Shanghai Gas will see to it that the solution is made available across the national LNG market.
“We’re glad to have this opportunity to cooperate with innovative technology companies like VeChain to create new ways of trading and information processing for the energy industry,” Zhou said.
“From our experience in the past year, the integration of blockchain into the energy industry is possible. I believe that in addition to the LNG business, the cooperation will also contribute to other businesses and products of ENN.”
The use of blockchain to trace sources is now on the rise in different sectors, including in the food, cargo, automobile, and even cannabis industries. Saudi Arabia announced last March that it is trialing blockchain to also track quality in the oil and gas industry.
