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German energy firm Uniper Global Commodities SE has implemented a blockchain-based platform for its small-scale liquefied natural gas customers (ssLNG).
Using the platform, Uniper expects to make its trade process more efficient and also streamline LNG distribution for its LNG-for-trucks subsidiary, Liqvis GmbH.
Rising concerns regarding air pollution have moved major companies towards utilizing eco-friendly fuel such as LNG in the transport industry, especially in commercial trucks. This has made it more crucial to make ssLNG trade process more efficient.
However, most small-scale businesses face difficulties utilizing the growing demand for LNG due to the lack of a cost-effective supply chain. They also lack the experience in handling the safety challenges involved in the creation and maintenance of these supply chains.
To help small-scale companies surmount these hurdles, Uniper had developed the platform in collaboration with the Indian IT service provider Wipro.
In an announcement on Aug. 21, Wipro had said that currently, the ssLNG market had been burdened with extensive manual and paper-based transactions that resulted in high operation costs.
The blockchain platform developed by Wipro is expected to reduce manual paperwork. It will use a consortium model for Uniper’s ssLNG customers that will help reduce turnaround time and other inefficiencies while adding transparency and scalability.
The platform will bring together multiple peer-to-peer trading cycle participants and enable them to place orders, add supply, execute delivery of goods, validate the state of goods and settle bills. It will automate all these processes through the use of smart contracts.
Both companies expect the platform to significantly reduce the time and cost spent on executing the trades. Wipro’s blockchain theme leader Krishnakumar Menon said:
“The blockchain-based platform benefits Uniper and its customers in their trade cycles by enabling digitization and exchange of documents; real-time sharing of information and alerts for an immutable audit trail of activities performed.”
Addressing the same, Grigory Shevchenko, a Uniper senior account manager, said that the paperless blockchain platform will help them expand their business without necessarily hiring more people to manage trade transactions.
Image Credit: Refer to Source
Author: Refer to Source Cointelegraph By Mohammad Musharraf
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