Tuesday, July 23, 2024

    Blockchain tech enters the energy sector

    Latest Posts

    The realm of blockchain technology and cryptocurrencies is expanding exponentially. So much so that regular companies and huge multinationals are now looking towards applying the tech to improve their business operations, increase productivity, and reduce unnecessary expenses. The energy sector is slowly embracing the latest hot tech and oil giant Shell is making moves to integrate blockchain systems into its operations.

    Foray into energy

    It was reported this week that London based blockchain startup, Applied Blockchain, has secured investments from Shell Trading International Ltd and Calibrate Partners LLP for minority stakes in the company. The fintech company which was started in 2015 develops blockchain applications focusing on distributed ledger technology and smart contracts. This is its first entry into the energy sector and it already has clients from the telecoms, banking, automotive, manufacturing, and aerospace industries.

    According to the company website Applied Blockchain founder and CEO, Adi Ben-Ari, said;

    “Our experience as one of the earliest companies delivering blockchain solutions into production for both start-ups and corporates has provided us with a unique perspective on the value, and challenges, associated with the technology in the real world. The investments and partnerships will accelerate our growth and enable us to deploy our solutions to a truly global business ecosystem.”

    Energy giants are already embracing the technology and according to a Reuters report a consortium involving BP, Shell, and Statoil is already working on the development of a blockchain based energy commodity trading platform.

    According to Johan Krebbers, Shell Global Solutions International CTO;

    “Blockchain applications have huge potential to shake up how we do things in the energy industry from streamlining process, to simplifying how we work with our suppliers and serve our customers. Investing in Applied Blockchain is part of our commitment to use digitalisation to create value in our core business and develop new business models.”

    Venture capitalists

    Shell was not the only corporation to invest in the Canary Wharf based blockchain startup. They were joined by venture capitalists Calibrate whose fund manager said;

    “We believe in the long-term promise and process innovation that blockchain brings and believe Applied Blockchain is strategically positioned to lead in this space. We are particularly excited to partner with Shell and Applied Blockchain to innovate in commodity trading.”

    Blockchain and crypto solutions will be increasingly sought as companies latch on to the potential that immutable distributed ledger technology can offer. This can only further the already fired up cryptocurrency industry to even higher levels and greater global adoption.

    Latest Posts

    Don't Miss