VeChain

SOLUTION

Liquefied Natural Gas Solution

For Manufacturers and Importers of Liquefied Natural Gas

The blockchain-based LNG solution can be used to keep track of the core data generated during the transportation, storage, and online-transaction of LNG. The data collected will be stored on the VeChainThor Blockchain, thus making it possible for data to be shared by the suppliers and users. The solution handles the quality assurance process including classification standards, weighing practices, and transportation process for different types of natural gas. All information will be uploaded to the VeChainThor Blockchain to establish credible industry standards per government mandates. From there, all aspects related to the data will be tracked, shared, and traded through the VeChainThor Blockchain, which will further regulate and improve the LNG market.

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BUSINESS CHALLENGES

Industry Problems and Pain Points

Low Industry Standardization

There are various methods for natural gas measurement; a unified industry standard is yet to be established; numerous midstream and downstream enterprises vary in quality; and price wars lead to low-level services.

Supply-chain Lacks Transparency

Should any supply-chain issues arise during transportation, such as adulteration, it is hard to judge who should be held responsible. The fact that the data of upstream and downstream companies are kept separate adds extra difficulty to dispute resolution.

Low-level Digitization

Low-level digitization, which is a common issue for many enterprises, leads to inefficient business operations and management.

VECHAIN

Solution Overview

By leveraging blockchain and IoT technology, VeChain’s LNG solution can keep track of the core data of the whole process from source to end, such as the information of natural gas, natural gas storage tanks, transportation, online transactions, etc. The data collected will be uploaded to the VeChainThor Blockchain to ensure its authenticity, reliability, and effectiveness.
By entering/scanning order numbers through the designated mini-program or app, the users can access the basic information of the goods, logistics, and transactions. The time and volume of each transaction are made public, thus keeping the users abreast of the real-time progress of the transactions at any time and any place.
This solution also allows the enterprises to keep track of the business process based on the reliable data stored on the blockchain, optimize energy distribution strategies, and ensure the balance between supply and demand.

Product information traceability

The data generated during the entire lifecycle of the natural gas supply chain are stored on the VeChainThor Blockchain. The authentic, valid, and immutable data stored on the blockchain can be shared by upstream and downstream enterprises to solve the trust issue.

Supervision and accountability

IoT devices are deployed to keep track of the entire transportation process, in case of problems, such as alteration, arise, the responsible party will be identified.

Facilitate Standardization

Optimize the business model by upgrading it to the calorific value model, which is prevailing in the world.

Data-based services

By improving the digitalization of the industry, relevant services, such as KYC, insurance, and supply-chain finance can be provided based on authentic data stored on the blockchain.