BP: Blockchain experiment in energy trading!

David Eyton, the British Petroleum (BP) technology leader, the British industry giant in the petroleum is planning a test of Blockchain on the energy market.

In the discussion, he said that Blockchain can be a crucial building of future trade on the energy market. Early application and active use of this technology can provide BP with a competitive advantage and help to maintain its primacy among the energy groups.

BP is currently working with the Austrian energy company Wien Energie and the Italian oil company Eni Trading & Shipping on a test run of Blockchain on a platform for energy trading, developed by the Canadian Blockchain company BTL. According to Eyton, first attempts have already been successfully completed, but the test run has not yet been completed.

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The Blockchain can enter the energy industry in many ways, says Eyton. The great advantage of the Blockchain is determined by the manner in which transactions take place. Speed, transparency and security make this technology a true advance. However, an application of the Blockchain is also conceivable in other areas of the industry, for example the processing of processes also within the own enterprise.

“In large companies with a variety of different sub-units, you also need to settle and settle the financial balance between the various branches of the company,” he says.

In addition, David Eyton also understands that he does not consider the project including the test run as an exclusive matter, but rather wants to open the group for outsiders. Other companies from the energy sector, for example, are welcome to join Blockchain in a wider network.

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