Bengaluru based information technology (IT) services firm Wipro has implemented a blockchain-based small scale liquefied natural gas (ssLNG) trading/fulfilment platform for the German energy solutions giant Uniper Global Commodities SE.
The blockchain solution was specifically built for the LNG -for-trucks subsidiary of Uniper called Liqvis.
An emerging sector, ssLNG is primarily used as fuel for heavy road transport such as trucks, marine projects or in power generators that are offshore.
The platform is built in collaboration with Düsseldorf, Germany Uniper and uses a consortium model for all ssLNG market participants. The solution increases cost savings and improves efficiency, according to a statement from Wipro.
The solution would help Uniper streamline trade by reducing turnaround time, effort as well as enable scalability.
For Uniper’s customers, the blockchain-based platform would help in their trade cycles by enabling digitization and exchange of documents, real-time sharing of information and alerts, along with an audit trail of activities performed.
“Blockchain will enable business volume growth without needing a lot of additional headcount to manage transactions,” Grigory Shevchenko, Senior Account Manager Gas Supply and Origination, LNG Business Development, Uniper said.
Shevchenko added that the two companies have jointly deployed security, distributed computing and node network to make the platform viable for easy scalability and new deployments.
Wipro has been an active participant in many distributed ledger technology consortia and alliances including the Hyperledger project, the Ethereum Enterprise Alliance, the Energy Web Foundation and the Blockchain in Transport Alliance.