Energy trading giants including Eni Trading & Shipping, Total, Gazprom Marketing & Trading Limited, Mercuria, Vattenfall, Petroineos and Freepoint, are planning to use a blockchain-based system within the pilot European energy project for trading resources.
The new platform is based on a BTL Group LTD solution called One Office.
Dominic McCann, BTL’s CEO, explained for Coinidol.com the idea of Blockchain for energy companies:
“Blockchain technology is reducing risks, costs and providing better protection against cyber threats.”
The world’s oil, gas and energy giants believe in the blockchain capability of optimizing the resources trading market and saving costs for all participants of the trade. According to representatives of those giants, the technology could help improve the speed, security and efficiency of transactions, as well as make trading operations automated and, therefore, more effective.
Francesco Romeo, Eni Trading & Shipping ICT Vice President, stated:
“Following our experience during the European energy pilot, we look forward to expanding the scope to enable straight-through processing through the whole settlement process as well as bringing wider participation from the industry.”
According to Philippe Chauvain, Vice President Risk Control and IT – Total Gas & Power Limited, “total has been trading gas and power since 2000. At the moment, we hear a lot about blockchain and how this technology could transform the trading processes. If successful, this initiative could help us to reduce the risks of human errors and to increase the speed in the reconciliation process of transactions with our fellow counterparts.”
Catherine Newman, General Manager Global IT & Delivery, Gazprom Marketing & Trading Limited, said:
“Blockchain could provide cross-industry opportunities to improve the speed, security and efficiency of transactions with Gazprom Marketing & Trading Limited’s counterparties at the forefront of technological developments in commodity trading. These opportunities can only be realised by working collaboratively with other commodity market participants. Although it is early stages yet, the POC represents an exciting and potentially disruptive prospect in the near future”.
“Blockchain has great potential to increase automation and efficiency of our trading operation. Back office processes for confirmation, settlement and invoicing are ideal use cases for this emerging technology. We expect significant improvements in these processes,” Frank van Doorn, acting Head of Trading,