Petroleum Devi Shell buys Blockchain

 Blockchain technology is no longer limited to innovative thinking to change the world. Multinational companies are considering using this technology to improve their operations and improve productivity. Another company that wants to get on the Blockchain train is Shell.

Industry portal to oil price energy giant, according to Gartner Situated in the list from Applied Blockchain bought minority shares. Details of the deal have not been disclosed yet, but this move will help Shell discover how this technology can be applied in the business.

 

Blockchain Trading is being discarded

Operating for nearly three years, Applied Blockchain has customers from the banking, telecommunications, automobile manufacturing, manufacturing and aviation industries. This energy is the first entrance. According to Reuters , Shell, BP and Statoil are working on the development of a Blockchain-based energy commodity trading platform, and technology is slowly entering the energy sector.Shell's chief technology officer, Johan Krebberse , underlined the great potential that Blockchain brings to the business world:

"Blockchain applications are changing jobs in the energy industry. They have a tremendous potential to simplify our work with our suppliers and make it easier for us to serve our customers. Applied Blockchain is an investment we need to add value to our core business and develop new business models. "

Energy and Blockchain

Shell is not the only energy company with Blockchain technology. Last year, the trading house Mercuria began working with ING Banks and Societe Generale in the first major oil trade, based on Blockchain technology . According to analysts, the integration of Blockchain with the oil and gas industry offers a range of opportunities for smart contracts such as cross-border payments, records management, supply chain management and potential applications.Experts working at Deloitte, a multinational network of professional services , said:

"A safe system that mitigates risk, enhances transparency, provides audit trails and speeds up significantly lower cost operations can be attractive to oil and gas companies."

As the crypto money field expands and more companies develop Blockchain solutions, the entire industry will benefit from a revolutionary technology in the way the world does business.