A number of big energy corporation joined together on a new blockchain-based trading platform. This is reported by the Coindesk.
BP, Shell and Statoil are developing the platform, which represents the latest application of the tech to the energy space. The group of firms gathered around the platform also includes ING, ABN Amro and Societe Generale, as well as trading firms, Gunvor, Koch Supply & Trading, and Mercuria.
Main idea of a new product - blockchain-based platform for energy trading, that will be open to all market members. Participants of new solution development say that it will be managed by a new independent entity, and it will be fully launched before the end of 2018.
Earlier this year another joint initiative among some members of the consortium (ING, Mercuria, and Societe Generale) presented compelling results with what we understand to be the first blockchain prototype test in the sector. The experiment involved an oil cargo shipment containing African crude oil which was on its way to China. The results of the experiment demonstrated that a blockchain based platform can greatly improve the efficiency of certain processes.
Carolien van der Giessen
With several of the world's largest energy suppliers taking part, this platform can really the one, which will involve market participants of all sizes.