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BP, Shell and Statoil will sell resources on the Blockchain Trading Platform

Tuesday, 07 November 2017

Oil and gas companies BP, Shell and Statoil created a blockchain-based trading platform for the application of technology in the energy sector. ING, ABN Amro, Societe Generale, Gunvor, Koch Supply & Trading and Mercuria also take part in the project. The blockchain-platform will be fully operational until the end of 2018. According to ING representative Carolien van der Giessen, the energy industry has become more complex, as it has been replenished with new participants. "At the beginning of 2017, we (ING, Mercuria and Societe Generale) used a blockbuster platform to transport African oil to China. The results of the experiment showed that the platform can significantly improve the efficiency of some processes. "

With the participation of several major energy suppliers in the world will be created a platform, that will attract the rest of the market participants, van der Giessen said.
The technology of blockchain is already used in the energy sector. So, experiments to track gas trade were carried out by British energy company BP and Italian Eni. Russian Enel and German E.On also conducted similar tests using the Ponton blockchain-platform.

27 January 2025