Towngas-PolyU blockchain platform tackles green fuel verification

VENEX will use the system at production facilities in Inner Mongolia and Foshan.

The Hong Kong and China Gas Company Limited (Towngas) and The Hong Kong Polytechnic University (PolyU) have signed a cooperation agreement to develop a blockchain-based management platform for green fuels and chemicals.

The platform will first be deployed within the green fuels and chemicals operations of VENEX, a subsidiary of the Towngas Group, and used at its production facilities in Inner Mongolia and Foshan.

It will cover feedstock procurement, production operations, product certification, logistics, and end-use applications, Towngas said.

The agreement aims to provide technical support for green value certification, full-lifecycle traceability, and market applications.

The collaboration combines PolyU’s research capabilities in blockchain technology, data science, and digital innovation with Towngas’s experience across the green fuels and chemicals value chain.

The platform is expected to establish digital identities and electronic certification mechanisms for green fuels and chemical products and enable full-process traceability across the supply chain.

It also aims to prevent alteration or forgery of certificates, inspection reports, and related documents, enhance international market recognition of green product certification results, and quantify and demonstrate the environmental value created by green products.

The platform will provide a digital foundation for future green product trading, green value circulation, and green finance development.

“Green value is increasingly becoming an important asset in driving energy transition and industrial upgrading,” said Sham Man-fai, Group Chief Technology Officer and Chief Operating Officer – Green Fuels and Chemicals at Towngas.

He added that blockchain could establish a trusted green value system where green attributes are accurately recorded and effectively verified.

The collaboration will support VENEX’s green fuels and chemicals business and establish a demonstrative model for digital green value management that can be replicated and scaled, Towngas said.

Towngas and PolyU plan to further study standards for green value certification, digital traceability mechanisms, and green asset management models, whilst working with supply chain partners, certification bodies, and international markets.