Big moves from BP, crypto money in the fuel cycle! The energy giant is considering a partnership with a Blockchain venture that runs an initial money supply (ICOs), according to BP's executive Wednesday. It also states that internal tokens have been tested within the scope of the project.
Bigger moves than BP will now use Blockchain in the energy sector
Speaking at the Blockchain Expo in London, Julian Gray, technology director for BP's digital innovation organization, spoke a common theme: non-financial businesses are perhaps more open to the innovations of Blockchain technology than their financial counterparts. Julian Gray said:
We have not done anything with Blockchain technology yet. But that does not mean we can not. Using icons internally, we proved concepts by transferring values. The staff in BP need a lot of training in this regard. There is now a handful of people in the company previously known as British Petroleum. Open-type blockades are not just "hacker zones".
BP plans to participate in ICO projects
Julian Gray, while firmly financing his own innovation department, said he was open to working with other people on the ICO route and added:
Do we cooperate with people doing this business? Yes, I think we do. Not right now, but I'm surprised if we do it in the future.
Lewis Cohen, a partner at Hogan Lovells law firm, says it's important for an authority from a company like BP to say it.
"ICOs are not products of a fraud."
Although the financial services industry is very resilient to everything related to ICOs or Blockchain technology, this is not the case in a broad enterprise. Lewis Cohen said that the players found it more appropriate for the token route to finance the innovation and added:
This technology has come out of the door and it is clearly going to one place. We will meet him at one point.
Speaking after the panel, Julian Gray said:
I've been researching this for a long time. I also do not believe that ICOs are fraudulent as we have heard from many people. However, I would like to state that this is my view and that BP does not have an opinion.
