BP and Royal Dutch Shell have today formed a consortium with various other energy companies to develop a blockchain-backed trading platform for commodities.
Expected to launch by the end of 2018 the platform will significantly help cut costs in oil trading and streamline various aspects of the industry including the replacement of paper contracts. Swiss based commodity trading firm Mercuria also joined today has long been an advocate of paperless contracts.
Other members of the consortium include ABN Amro, Norwegian oil firm Statoil, Koch Supply & Trading, trading house Gunvor, ING and Societe Generale…
Read Full: Energy giants BP and Dutch Shell join forces to develop blockchain energy trading platform