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.
Brooklyn firm LO3 Energy, a fast-growing company with deep roots in energy, finance, and technology, is working on a decentralized model for energy distribution. In order to support the global development of its blockchain-based community energy networks, LO3 Energy announced on July 10, that both Shell and Sumitomo Corporation have invested in the project. The company had previously received investments from Braemar Energy Ventures, Centrica, and Siemens.
The platform developed by LO3 which is reportedly the first of its kind, would make it possible to overcome the challenges of integrating renewable distributed energy resources (DERs) into supply networks. The system would allow anyone to consume and produce electricity at their home and business while also reducing carbon emissions
In July last year, Shell Ventures invested in US-based blockchain community energy platform LO3 Energy.