VeChain Enters Another Partnership With Chinese Natural Gas Giant

The VeChain foundation entered into a partnership with the Chinese natural gas giant in order to create a new ecosystem that will have an ‘’Energy-as-a-service.’’ In our Vechain VET news today, we find out more about the partnership.

The gas giant Shanghai Gas will work with VeChain and all of the new information on LNG will be collected and stored on the VeChainThor blockchain. VeChain is still gaining a lot of attention in China. The Chinese president Xi Jinping spoke about the blockchain technology and crypto assets back in October and said that China has to ‘’seize the opportunity’’ that this technology has to offer. Vechain was able to make a few notable partnerships in China. For example, VeChain enters partnership with Anhui Tea Association as well and got promoted by the state media in the country.

Yesterday it was announced that China’s shanghai Gas group Co, LTD, which is a subsidiary of Shenergy Group Company Limited has a share capital of about $592 million, and will work with VeChain to build an Energy-as-a-Service ecosystem. VeChain now works with another major company and will try to revolutionize the energy sector in China with the help of the VeChainThor blockchain.
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Shanghai Gas is among the biggest companies on the Chinese market for natural gas and it accounts for 90 percent of the gas market in Shanghai making it the largest supplier in China in terms of storage and customer size. The company worked with ENN Energy and now with VeChain to implement a pilot project for the liquefied natural gas and its distribution in Zhoushan.

As stated in the latest Vechain vet news, Shanghai was happy with the pilot project and the partnership aims to optimize the business processes:

‘’Under such circumstances, a more transparent solution to solve the problems of transaction processes, security issues, the imbalance between supply and demand, pricing mechanisms has become a must need in the industry, in which blockchain technology has emerged as a viable solution.’’

Vechain is optimistic that the use of this new service will be extended to other energy companies of the Belt and Road initiative, by joining the development strategy for about 70 countries in Asia, Africa, and Europe. The VeChain Foundation stated:

‘’With the continued development and reform of the LNG market in China, a huge and vibrant natural gas market potentially brought by the countries along “The Belt and Road” is being expected. […]’’