Shanghai Gas – the China-based energy firm – has reportedly disclosed its blockchain ramp-up attempt, after a positive results of its collaboration with supply chain management blockchain company Vechain.
Specifically, during the trial phase, Shanghai Gas has utilized Vechain-developed DLT system as a means to monitor its supply chain, in a comprehensive manner, and locate opportunities to enhance efficiency and bring down costs for operations.
The expanded collaboration with VeChain, along with electric services provider ENN Energy Holdings, will enable Shanghai Gas to design “a trust-free ‘Energy-as-a-Service’ ecosystem”.
ENN is reportedly in charge of producing electricity for 17 provinces – equivalent to over 16 million people living in residences, along with around 100,000 industrial clients. The firm has a market cap of $85 billion.
All three companies have been the participants of the Blockchain-Enabled LNG (Liquified Natural Gas) Solution pilot, starting in November 2 years ago.
The pilot project has been described to have “significantly eliminate[d] information barriers in the supply chain, contribute[d] to a transparent product process, and provide[d] a reliable database for LNG risk management.”
The adoption rate for DLT across the energy sector is reportedly on the rise, with statistics showing that blockchain-related applications will help bring year-over-year investment growth up to an 82% growth.