Shell, BP Among Energy Leaders to Back Blockchain Trading Platform

Written by: Poppy Skinner Created: 07 November 2017

A number of energy leaders are partnering together to help back a new blockchain-based trading platform.

A number of energy leaders are partnering together to help back a new blockchain-based trading platform.

Shell, Statoil and BP are amongst others who are backing the platform which will represent how tech is applied in the energy space. The other companies involved include ING, ABN Amor, Gunvor, Koch Supply & Trading, Mercuria and Society Generale.

Whilst the concept will concentrate on the energy industry to begin with, the idea is that this blockchain-powered platform will soon be open to all industries and it looks set to be operational by 2018.

Talking about this new initiative, ING representative, Carolien van der Giessen said: “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."

Written by: Poppy Skinner

Poppy covers a wide range of topics at Billionaire, having spent the past 13 years at companies including Singapore Tatler, Her World Plus and Harpers Bazaar UK. She has a passion for fashion, jewellery and travel as well as an avaricious fascination with crime novels. Follow her at poppypskinner on Instagram.