OEF Rapid Review
A consortium consisting of BP, Shell, Statoil, trading houses Gunvor, Koch Supply & Trading, Mercuria, and banks ABN Amro, ING and Societe Generale will develop a blockchain-based digital platform for energy commodities trading. It is expected to start by end-2018. The platform aims to reduce administrative operational risks and costs of physical energy trading, and improve the reliability and efficiency of back-end trading operations. Blockchain technology uses a shared database that updates itself in real-time and can process and settle transactions in minutes using computer algorithms, with no need for third-party verification.
LINK TO THE SOURCE ARTICLE:
Consortium plans blockchain energy trading platform
