Uniper Implements Blockchain Platform For Its Small-Scale Liquefied Natural Gas Customers
Uniper Implements Blockchain Platform For Its Small-Scale Liquefied Natural Gas Customers
August 22, 2020
Uniper Implements Blockchain Platform For Its Small-Scale Liquefied Natural Gas Customers
Uniper Implements Blockchain Platform For Its Small-Scale Liquefied Natural Gas Customers
August 22, 2020

Uniper Global Commodities SE, the German energy firm, has implemented a blockchain-based platform for its small-scale liquefied natural gas customers (ssLNG).

It has been reported that by 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.

However, 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, as this has made it more crucial to make the ssLNG trade process more efficient.

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.

It has been analyzed that Uniper had developed the platform in collaboration with the Indian IT service provider Wipro to help small-scale companies surmount these hurdles. 

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On August 21, Wipro, in an announcement, had said that currently, the ssLNG market had been burdened with extensive manual and paper-based transactions that resulted in high operating costs.

Likewise, 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.

As per the report, 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.

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Krishnakumar Menon, the Blockchain Theme Leader of Wipro, 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.”

Thus, by addressing the same, Grigory Shevchenko, the Senior Account Manager of Uniper, said that the paperless blockchain platform will help them expand their business without necessarily hiring more people to manage trade transactions.

Source: Cointelegraph | Image: Business Blockchain HQ


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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