IT Firm Wipro Develops Blockchain-Based Platform to Scale Natural Gas Trading
Wipro to Provide Blockchain Platform to Streamline LNG Trade
Leading global IT multinational firm Wipro has successfully implemented a blockchain-enabled small-scale liquefied natural gas (ssLNG) trading platform for German energy company Uniper and its 100% LNG-for-trucks subsidiary, Liqvis GmbH.
According to the official release, the blockchain platform uses a consortium model for all ssLNG market participants, aiding in the transformation of the trading market space to promote market efficiencies and cost savings for traders.
The acceleration in global warming has drawn a lot of regulatory flak toward entities dependent on fossil fuels for their operations. This has given birth to a visible trend where businesses can be seen flocking toward renewable and eco-friendly energy alternatives such as LNG.
However, the LNG market, akin to many other long-undisrupted industries, suffers from lack of operational efficiency as it involves enormous manual labor and paper-based transactions.
The Wipro-developed blockchain platform aims to fix these bottlenecks via involving multiple P2P trading cycle participants, facilitating order and supply placement, delivering good, validating the state of goods and bill settlements.
Essentially, the platform will help Uniper streamline trade by reducing turnaround time, effort and inefficiencies, and bring visibility, transparency, and trust in all stages of LNG trade.
Sharing his thoughts on the platform, Dr. Grigory Shevchenko, Senior Account Manager Gas Supply and Origination, Uniper, said:
“The ssLNG trading platform provides for easy scalability and enhancements based on the growing marketplace. To achieve this, we jointly deployed the required building blocks such as security, distributed computing and node network.”
Similar sentiments were echoed by Sarat Chand, Vice President, EMEA Utilities Business Head, Wipro Limited. He said:
“This is a landmark partnership between Wipro and Uniper. Our Utilities ETRM business competency combined with industry leading blockchain expertise has enabled Uniper to modernize its trading platform, reduce friction, improve process efficiency and simplify settlements in business processes.”
Blockchain For a Greener Cause
An increasing number of firms are straying toward blockchain technology to establish themselves as future-ready in terms of usage of energy. This has, of course, also caught the attention of VCs looking to invest in firms that are keen on championing the greener cause.
In July last year, Shell Ventures invested in US-based blockchain community energy platform LO3 Energy.