Blockchain technology is no longer confined to innovative ideas to change the world. Multinational companies are considering using this technology to improve operations and increase productivity. Shell is another company that wants to ride the blockchain train.
According to the industrial Portal Oilprice, the energy giant has purchased minority shares from Applied Blockchain, which is listed on the Gartner list. The details of the agreement have not been announced yet, but this move will help Shelly discover how this technology can be applied in business.
Blockchain Traded
Applied Blockchain, which operates for nearly three years, has customers from banking, telecommunications,automobile manufacturing, manufacturing and aviation industries. This is the first entry to energy. According to Reuters, shell, BP and Statoil are working on developing a Blockchain-based energy commodity trading platform and technology is gradually entering the energy sector.
Chief Technology Officer Johan Kreberse underscores the great potential that Blockchain brings to the business world:
“Blockchain applications are changing jobs in the energy industry.It has a great potential to simplify our work with our suppliers and make it easier for us to serve our customers. Applied blockchain is an investment we need to add value to our core business and develop new business models.”
Energy and Blockchain
Shell is not the only energy company with blockchain technology. Last year, Merchant House Mercuria began working with ing banks and Societe Generale in the first major oil trade based on Blockchain technology. According to analysts, Blockchain's merger with the oil and gas industry offers a range of opportunities for smart contracts such as cross-border payments, record management, supply chain management and potential applications.
Experts working in Deloitte, a multinational professional services network, said::
“A safe system that mitigates risk, increases transparency, provides audit trails, and accelerates significant cost-effective operations may be attractive to oil and gas companies.”
As the money field expands and more and more companies develop Blockchain solutions, the entire industry will benefit from a revolutionary technology in the way the world does business.