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. 

ALSO READ :  Coil Creators Can Now Use Uphold Wallets, Receiving Payments Over 50 Currencies

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.

ALSO READ :  Digital Assets Data CEO Mike Alfred Says Bitcoin Will Replace Gold

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


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. 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.