Blockchain technology is no longer limited to innovative ideas to change the world. Multinational companies are considering using this technology to improve their operations and increase efficiency.. Another company that wants to get on the blockchain train is Shell.
According to industry portal OilPrice, the energy giant is Gartner-listedApplied Blockchain’. bought minority shares from. Details of the deal have not yet been disclosed, but the move will help Shell explore how this technology can be applied to its business. Applied Blockchain has clients from the banking, telecommunications, automobile manufacturing, manufacturing and aerospace industries. This is the first entry into energy.. According to Reuters, Shell, BP and Statoil are working on the development of a Blockchain-based energy commodity trading platform and the technology is slowly making its way into the energy sector.
Shell’s chief technology officer > Johan Krebberse highlighted the huge potential Blockchain brings to business:
“Blockchain applications are changing things in the energy industry. We have great potential to simplify the way we work with our suppliers and make it easier for us to serve our customers. has. Applied Blockchain is an investment we must make to add value to our core business and develop new business models.”
Energy and Blockchain
Shell, Blockchain not the only energy company with technology. Last year, trading house Mercuria began working with ING Banks and Societe Generale on the first major oil trade based on Blockchain technology.. According to analysts, the merger of blockchain with the oil and gas industry offers a host of opportunities for smart contracts such as improving cross-border payments, records management, supply chain management, and potential applications. Experts at >Deloitte said:
“A secure system that mitigates risk, increases transparency, provides audit trail and speeds up transactions with significantly lower cost could be attractive to oil and gas companies”
As the cryptocurrency space expands and more companies develop Blockchain solutions, the entire industry will benefit from a technology that will revolutionize the way the world does business.
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