Blockchain
ENN, One of The Largest Energy Service Providers in China Kickstarted Its Digital Transformation on VeChainThor Blockchain
China boasts a prosperous Liquefied Natural Gas (LNG) market. In 2018 alone, 280 billion cubic meters of natural gas has been consumed. With China’s coal-to-gas conversion policy and a fast-growing economy, we can expect an increasing demand for LNG in the years ahead. To better serve the enormous Chinese market, ENN Energy Holdings Limited, one of the largest energy service providers in China, is turning to VeChainThor Blockchain for optimized quality control and supply-chain management. Nationwide, ENN is operating 187 project cities that cover a connectible urban population of 94.57 million in China.
The composition, calorific value, and gasification rate of LNG vary depending on sources and processing, given that, to ensure quality and safety, it’s essential to keep track of the relevant data in a timely and accurate manner. For the same reason, gas pressure changes during transportation and the time of arrival shall also be recorded. Traditionally, the data are recorded by different personnel on the supply chain and transmitted through various communication tools manually, which is time-consuming and vulnerable to human errors.
That’s why the VeChainThor Blockchain and IoT technology has been brought into play. In August 2018, at the China International Gas & Heating Technology and Equipment Exhibition 2018, ENN, VeChain, a leading enterprise-level public blockchain platform, and Shanghai Gas, a state-owned company that accounts for more than 90% of Shanghai’s total gas market, signed a strategic cooperation agreement to develop a VeChainThor Blockchain-based LNG solution.
In this partnership, ENN is responsible for the design and system construction of LNG-related business scenarios. VeChain is responsible for providing blockchain core technology and the necessary software services. Shanghai Gas is the overseeing party who ensures the solution expands across the national LNG market.
This solution was first adopted by Zhoushan LNG Storage and Distribution Centre during the first phase prior to a full rollout.
In this case, VeChainThor Blockchain is applied in combination with IoT devices to facilitate supply-chain management. Upon arrival, the gas will be injected into different tanks, from there each tank of gas is assigned a tank number, associating with the relevant data stored on the blockchain, such as clarification value, sources, and the like. When trucked out to retailers, logistics information and the LNG quality reports will be uploaded to the blockchain as well. Through this process, the data of LNG from carrier to local distributors can be cross-validated and verified on the blockchain.
In addition, the introduction of the VeChainThor Blockchain is making it possible to extend supply-chain finance to warehouse receipt pledge, quality traceability, and safety assurance and more. With the authentic and encrypted data available for checking, supply-chain finance service providers are now provided with an enhanced tool for information query and verification.
Moving forward, VeChain will work even more closely with ENN to promote the model to other LNG projects and various business scenarios, generating value for both the real economy and the end consumers.
SOURCE VeChain
Blockchain
Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins
In a recent communication directed to Treasury Secretary Janet Yellen, US Senator Elizabeth Warren has strongly advocated for the incorporation of robust Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures specifically tailored for stablecoins. Senator Warren’s correspondence underscores the critical importance of adopting the full array of AML tools outlined by the Treasury Department in a prior November 2023 communication to Congress.
Senator Warren has underscored the burgeoning threat posed by cryptocurrencies, particularly stablecoins, to national security. She has specifically drawn attention to instances where entities like Iran and Hamas have turned to cryptocurrencies as a means to raise funds and support terrorist activities. To effectively address this evolving threat landscape, Senator Warren asserts that any forthcoming crypto legislation must encompass comprehensive AML/CFT authorities as requested by the Treasury Department.
Moreover, Senator Warren has made reference to the testimony provided by Deputy Secretary Adewale O. ‘Wally’ Adeyemo before the Senate Committee on Banking, Housing, and Urban Affairs. In this testimony, Adeyemo emphasized the critical need for additional AML authorities to combat the growing menace posed by cryptocurrencies. Senator Warren has pointed out that the exclusion of crucial actors within the digital asset ecosystem, such as miners and validators, from AML/CFT requirements could potentially enable nefarious actors to exploit the increased crypto trading facilitated by stablecoin legislation.
Senator Warren’s steadfast stance on the regulation and oversight of cryptocurrencies is aligned with her prior efforts aimed at curbing illicit activities and safeguarding consumers, the financial system, and national security interests. She has persistently advocated for the closure of loopholes in AML regulations that allow sanctioned entities like Iran to derive revenue through crypto transactions. Furthermore, Senator Warren has consistently voiced concerns regarding the exploitation of cryptocurrencies in terrorist financing schemes and has called for the implementation of stronger regulatory frameworks to protect both consumers and national security interests within the realm of stablecoin-related legislation.
Source: blockchain.news
The post Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins appeared first on HIPTHER Alerts.
Binance has rolled out Binance Megadrop, a novel token launch platform that blends airdrops with Web3 quests. This platform enables users to engage in BNB Locked Products subscriptions and complete tasks within their Web3 Wallet to earn early rewards from chosen Web3 projects, even before their tokens hit the Binance Exchange.
The inaugural project featured on Binance Megadrop is BounceBit (BB), a BTC restaking chain. Here are the token specifics for BounceBit: Max Token Supply: 2,100,000,000 BB, Megadrop Token Rewards: 168,000,000 BB (8% of max token supply), Initial Circulating Supply: 409,500,000 BB (19.5% of max token supply).
To kickstart their journey with Binance Megadrop, users must log into their Binance account and ensure they possess an active Binance Web3 Wallet. From there, they can subscribe to BNB Locked Products and/or fulfill Web3 Quests to accumulate scores. These scores dictate the rewards received through the Megadrop program.
The scoring mechanism for Megadrop relies on the Locked BNB Score, determined by the quantity of BNB subscribed and the subscription period’s duration. Users also earn a Web3 Quest Bonus and a Web3 Quest Multiplier upon completion of designated Web3 Quests. The total score is computed by applying the Web3 Quest Multiplier to the Locked BNB Score and adding the Web3 Quest Bonus.
Importantly, only wallets created within the Binance Web3 Wallet and not external wallets will count towards Megadrop participation. Megadrop rewards will be airdropped to users’ Binance Spot Wallets.
Users must undergo identity verification and maintain at least one active Binance Web3 Wallet to qualify for Megadrop rewards. Additionally, certain jurisdiction-based eligibility criteria apply. Users from Australia, Canada, Cuba, Crimea Region, Hong Kong, Iran, Japan, New Zealand, Netherlands, North Korea, Russia, Singapore, Syria, United Kingdom, United States of America, and its territories are presently ineligible to participate in BB Megadrop.
Binance Megadrop is aimed at offering users an interactive and rewarding experience within the crypto realm. Further details regarding the Megadrop amount, Web3 Quests, and the comprehensive listing plan will be disclosed separately.
Source: blockchain.news
The post Binance Launches Megadrop: A Token Launch Platform with Airdrops and Web3 Quests appeared first on HIPTHER Alerts.
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