Shell, BP and Other Energy Giants Team For Blockchain Energy Trading Platform

Announcements, Blockchain, Innovation, Regulation | November 7, 2017 By:

BP, Shell and Statoil are among the energy giants teaming on a new blockchain trading platform. The goal is to better track trading and shipments of oil and natural gas.

The consortium that built the platform includes ING, ABN Amro and Societe Generale, plus trading firms Gunvor, Koch Supply & Trading, and Mercuria. The platform will eventually be open to all energy firms and hopes to be operational by the end of next year.

This latest energy platform follows one by BP and ENI, announced this summer, and several companies that are engaged in blockchain electricity trading.