- The implementation of VeChain in the Chinese gas sector has entered into the test phase. Zhoushan station is the first to test the solution.
- VeChain has partnered with the Chinese company Huazhi and is in charge of providing and developing the blockchain infrastructure of the project.
A partnership signed in 2018 between VeChain and the Chinese company Huazhi New Energy Co. is beginning to bear fruit. The partnership, established at the China International Gas & Heating Technology and Equipment Exhibition, will apply the VeChainThor blockchain to the liquefied natural gas (LNG) pipeline network.
The aim of the cooperation is to use the VeChainThor blockchain for registration and sharing of processes in the gas network. All components of LNG import, inspections, transport and online transactions are securely and unalterably stored on the VeChainThor blockchain. According to a report by Chinese local media, the implementation of the solution has now begun at the Zhoushan LNG gas station.
VeChain is building the blockchain infrastructure to improve China’s gas network
In addition, the partners divided the tasks. Huazhi New Energy is in charge of designing and building the business system of the LNG gas network, providing the equipment, procuring the technical equipment and supporting the test sites. The company will also participate in the commercial operation of getting new partners to implement the solution, according to the local media report:
Huazhi has established contacts with several companies in the industry for the promotion of the program, and will also provide regulatory guidance for the solution, ensure the authorization and management of related processes, coordinate resources and provide support for the development of LNG-related companies, and ensure coverage throughout the country Promotion.
On the other hand, VeChain is in charge of developing and providing the project with the necessary infrastructure and blockchain technology, including software services. In addition, the report points out that the construction and promotion of LNG containers and their transport system is a cheaper and more flexible alternative for natural gas imports.
As reported by CNF, VeChain continues to close partnerships with Chinese companies in the energy sector. A few days ago, the VeChain Foundation and Chinese natural gas giant Shanghai Gas Group Co., Ltd. started the second phase of the project to build an “energy as a service” ecosystem. The partnership is part of the aforementioned agreement VeChain signed in 2018 with Shanghai Gas and Huazhi. After the preliminary results of the partnership in April this year, the partners decided to expand the pilot project.
VeChain (VET) price on the upswing
At the time of publication, VET’s price is $0.0206 with a gain of 5.12% over the last 24 hours and thus seems to be benefiting from the latest news by the Chinese energy sector. Moreover, in the last 30 days, VET is showing a gain of 11.94%.