Energy giants are backing blockchain trading platform

Several major energy firms like BP, Shell and Statoil are partnering on a new blockchain-based trading platform, which represents the latest application of the tech to the energy space. The group of firms built around the platform also includes ING, ABN Amro and Societe Generale, as well as trading firms like Gunvor, Koch Supply & Trading, and Mercuria.

This blockchain-powered platform for energy trading will eventually be open to all market participants. Those involved in the effort reported that it will be controlled by an independent entity, with a plan to be fully operational before the end of 2018.

With several of the world’s largest energy suppliers taking part, the hope is it will establish a platform that will attract market participants of all sizes to one platform.

There have been several experiments in using a blockchain to track energy trading, such as one by BP and Eni in gas trading, which Reuters reported this summer. Enel and E.on have also conducted trials using Ponton’s blockchain platform, and o of Australia’s largest electricity providers is currently testing a platform called Power Ledger.

Such an adoption by these huge companies will certainly bring more people to the blockchain and offer even more trust to those already involved. These are good news which ensures the wealthy future of the blockchain.

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Written by Brad Chillum

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