Although cryptocurrencies were still struggling to pick up steam in developing countries, blockchain technology has enjoyed a stellar run in many sectors. Many industry giants now consider blockchain technology to be an integral part of their work because it makes several processes easier and more hassle-free. Indian IT giant Wipro has become the latest organization to tap into the blockchain market by implementing a small-scale, blockchain-based liquefied natural gas trading platform. The platform will be used for the energy behemoth Uniper Global Commodities SE and Liqvis GmbH, its LNG-for-trucks subsidiary.
The Bangalore headquartered IT company has hedged its bets with blockchain technology because it knows how far the technology has progressed over the past few years. Sources have said that the blockchain platform was jointly built by Uniper and Wipro with an aim to change the way the ing market behaves. The consortium model will enable all ssLNG market participants to partake in the latest industry movements.
The latest model will help traders save costs and make them more efficient in a truly uncertain trade climate. Sources indicate that the platform will offer multiple peer-to-peer trading cycle participants, validation of the state of the goods as well as enabling order and supply placements. Given the new platform, Uniper will be able to enable scalability while at the same time bringing visibility and transparency to its products.
Grigory Shevchenko, the Senior Account Manager Gas Supply and Origination, LNG Business Development at Uniper had stated:
“..when we enter more downstream logistics-heavy markets, we encourage the use of innovative technologies to optimize our processes and operations. Blockchain will enable business volume growth without needing a lot of additional headcounts to manage transactions. This will be true for us and our counterparts that will engage with Uniper through the paperless blockchain platform.”
As the world moves towards a contactless setup, it is imperative that technologies such as the one developed by Wipro become a staple. Wipro officials also said that smart contracts used on the platform are automating important processes such as shipment creation, bunkering, settlement, and invoice generation.
This is not the first time Wipro has dabbled in blockchain technology as the company is an important member in the development of Hyperledger Fabric. Wipro also participates in popular blockchain projects such as Hyperledger Indy and Hyperledger Sawtooth.
