The technology of the blockchain today is not only a lot of innovative startups that want to change the world. Transnational corporations are also seeking to use the blockchain to improve their operations and increase productivity. The last of the companies that have declared similar intentions, was the oil company Shell.
According to industry portal OilPrice, energy giant acquired a minority stake in a startup Applied to a Blockchain. Details of the deal have not been revealed, but it is clear that this step will allow the London start-up to help Shell to understand how technology can be applied for the benefit of the company.
Applied the Blockchain works on the market for about three years. Clients of the company have become the representatives of the banking industry, telecommunications, automotive and aerospace industries. Shell will become the first oil and gas company, has applied to Applied to a Blockchain. According to Reuters, the blockchain gradually penetrates in the energy sector — a consortium consisting of Shell, BP and Statoil are already developing a platform for commodities trading on the basis of the blockchain.
Technical Director of Shell crabbers Johan (Johan Krebbers) underlined the huge potential of the blockchain for business:
«Applications on the blockchain has huge potential to shake up processes in the energy industry – from supplier management to customer service. Investing in Applied Blockchain is part of our plan to digitize the data and developing new business models.»
Shell is not the only energy company reviewing the implementation of the technology of the blockchain. Last year it was reported that the trading company Mercuria began to work with banks, ING and Societe Generale over the development of the oil trade on the blockchain. According to analysts, the introduction of technology in the oil and gas industry provides a number of opportunities for optimization and improvement of cross-border payments, data management and supply chain and the use of smart contracts.