Industrial  -  August 21, 2020

Uniper implements blockchain natural gas trading

Uniper Global Commodities announced Aug. 20 that they will be implementing a blockchain-based small-scale liquefied natural gas trading and fulfillment platform that will result in market efficiencies and cost savings.

The blockchain system will be built by Wipro Limited for the energy company and its 100% LNG-for-trucks subsidiary Liqvis. The platform will simplify commodity flow management, manage multiple peer-to-peer trading cycle participants and enable order and supply placement, delivery of goods, validation of the state of goods and bill settlement. All of these improvements will allow Uniper to scale their business of low-carbon alternative fuel supply and decentralized energy solutions.

“Uniper’s strength is its customer-centricity, product creation and market development. Building upon that when we enter more downstream logistics-heavy markets, we encourage the use of innovative technologies to optimize our processes and operations,” Dr. Grigory Shevchenko, Senior Account Manager Gas Supply and Origination, LNG Business Development at Uniper, said in a statement. “Blockchain will enable business volume growth without needing a lot of additional headcount to manage transactions. This will be true for us and our counterparts that will engage with Uniper through the paperless blockchain platform. 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.”