Shell and British Petroleum to create blockchain platform

Shell, British Petroleum, Statoil, ING, ABN Amro, Societe Generale, Gunvor and other big companies joined forces to develop blockchain trading platform
07 November 2017   667

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
ING

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.

 

Crypto Investor to File Lawsuit Against AT&T

Michael Terpin believes that AT&T helped scammers to still his $24M worth crypto
16 August 2018   127

In the Los Angeles District Court, a 69-page lawsuit was filed by BitAngels founder Michael Terpin against the American telecom giant AT&T. Terpin claims that the operator assisted fraudsters in "stealing digital personal data" from the account on his smartphone, which is why he lost $ 24 million in cryptocurrency, according to an official release.

According to Terpin, for seven months, there were two hacks. Initially, an attacker got access to his phone number without providing a password or correct identification data. Later, the phone number was used to steal crypto.

AT&T’s studied indifference to protecting its customers’ privacy and financial assets is a metastasizing cancer, threatening hundreds of millions of unsuspecting AT&T’s customers. Our client had no idea when he initially signed up, nor when later he was promised the highest level of security for his account, that low-level retail employees with access to AT&T records, or people posing as them, can be bribed by criminals to override every system that AT&T advertises as unassailable.
 

Pierce O’Donnell
Lead counsel for Terpin in this complaint

Michael Terpin requires AT & T to pay him $ 224 million - $ 200 million for moral damages and $ 24 million for actual theft.