IT technology specialist Wipro and energy company Uniper have announced the implementation of a blockchain-based small-scale LNG trading and fulfilment platform for Uniper Global Commodities SE and its subsidiary Liqvis.
The platform built in collaboration with Uniper uses a consortium model for all small-scale LNG market participants ‘to help transform the trading market space resulting in market efficiencies and significant cost savings for traders,’ said Wipro
The platform implemented by Wipro involves multiple peer-to-peer trading cycle participants, enables order and supply placement, delivery of goods, validation of the state of goods and bill settlements.
According to a statement from Wipro, the platform’s development ‘paves the way for Uniper to become the market maker for low-carbon modern supply of alternative fuels and decentralised energy solutions’.
Dr. Grigory Shevchenko, Senior Account Manager Gas Supply and Origination, LNG Business Development at Uniper, commented: ‘Blockchain will enable business volume growth without needing a lot of additional headcount to manage transactions. This will be true for us and our counterparts that will engage with Uniper through the paperless blockchain platform.
'The ssLNG trading platform provides for easy scalability and enhancements based on the growing marketplace. To achieve this, we jointly deployed the required building blocks such as security, distributed computing and node network.’
Krishnakumar N Menon, Vice President - Service Transformation and Blockchain Theme Leader at Wipro, noted: ‘The trading/fulfillment platform for ssLNG market leverages blockchain to simplify the LNG trade process with greater efficiency, transparency and security.
‘Smart contracts used in the platform automate processes such as demand creation, trade confirmation, shipment creation, bunkering, invoice generation and settlement, leading to lesser manual interventions.
He continued: ‘The blockchain-based platform benefits Uniper and its customers in their trade cycles by enabling digitization and exchange of documents; real-time sharing of information and alerts for an immutable audit trail of activities performed.’