China Begins Testing Blockchain In Its Natural Gas Network

China has been an avid supporter of blockchain technology for a while now. However, the nation’s interest in decentralized technology was there much longer. One evidence demonstrating the fact is the partnership established between China’s natural gas company Huazhi New Energy and VeChain blockchain network. The two organizations teamed up back in 2018, with the proposition of using blockchain technology for the liquified natural gas network.

Notably, the two companies announced their collaboration at the China International Gas & Heating Technology and Equipment Exhibition two years back. Now, both of them have ultimately declared the testing of blockchain in the natural gas network.

The alleged partnership between the blockchain project and the energy firm is to use VeChain’s technology to register and protect more than a few procedures that occur in the gas network. That would include things like checkups, import, transport, transactions, and other processes.

In the meantime, VeChain will work on developing the project set-up and expanding the network. The company will work on the expansion of software services. The company will also decrease the price of construction of the LNG containers and the transport system.