The Shanghai gas giant implemented a blockchain for creation of an ecosystem "energy as service"

At the beginning of April, 2020 the Shanghai gas group (Shanghai Gas Group) announced implementation a blockchain system on control of production and sales of liquefied natural gas. The company considers this project as an important step to creation of an ecosystem "energy as service" and assumes that the new project will become a significant stage on the way to free data exchange and reasonable cooperation in the power industry.

With assistance of VeChain blokcheyrn-company the gas giant provides the digitized information and services a blockchain verification which should contribute to business development. Thanks to the new project, workers of reservoir No. 5 for storage of liquefied natural gas can load and look for key data through a blockchain, including information on gas quality, orders and supply rates now.

The Shanghai gas group (Shanghai Gas Group) announced implementation a blockchain system on control of production and sales of liquefied natural gas

As envisioned by creators, the innovation project should become means of overcoming information barriers between the different enterprises working in the power industry including between the logistic companies, banks and insurance companies. Using the new platform of the company can exchange data through a blockchain and cloud services which ensure safety of commercial transactions and optimize production management.

The market of liquefied natural gas in China significantly grew thanks to the standards set concerning control of the prices and contracts with the third parties. The adopted laws strengthened the competition and brought benefit to users. On growth wave the Shanghai Gas Group company is going to carry out and the second stage of the project which will be concentrated on complex services, including logistics management, trade in power sources and the innovation financing.^[1]

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