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Shell and BP among energy giants ready to support Blockchain trading platform

Several large energy companies are cooperating on a new trading platform based on blockchain.

07.Nov.17 5:41 AM
By Daria Zaytseva


Shell and BP among energy giants ready to support Blockchain trading platform

BP, Shell and Statoil support the platform that represents the latest application of the technology to the energy space. The consortium of firms built on the platform also includes ING, ABN Amro and Societe Generale, as well as trading companies, Gunvor, Koch Supply & Trading and Mercuria.

The idea is that the platform with the blockchain technology for energy trading will eventually be open to all market participants. Those who participate in this event say that it will controlled by an independent entity, with a plan that will fully function before the end of 2018.

The energy industry has become more complex, as new enterprises have entered the industry, analysts said. With the participation of several largest energy suppliers in the world, the hope that it will create a platform that will attract market participants of all sizes to one platform.

Several experiments have been conducted on the use of a blockchain to track energy trading, for example, BP and Eni in gas trading, which Reuters reported this summer.

Enel and E.on have also conducted tests using the Blockchain Ponton platform, and the largest Australian electricity suppliers are currently testing a platform called Power Ledger.

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