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Shell Takes on the Blockchain

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January 26, 2018 | 

Joanna Newman |  0 Comments| 

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Since it was first used by Bitcoin in 2009, blockchain technology has been used for a variety of different application. The Blockchain is mostly used by start-up companies who are looking for new ways to revolutionize the world of technology and finance.

In addition, larger multinational companies are now beginning to gain interest in the Blockchain.

Recently, Shell invested in a new start-up company called Applied Blockchain. The details of the deal have not yet been made public, but many believe that this will allow Shell to use Blockchain technology for some of their international exchanges.

https://www.youtube.com/watch?v=jgSNBNdkyX8&t=5s

Blockchain on the International Scene


With already 3 years of experience under their belts, Applied Blockchain has made advances in numerous sectors including the telecommunications, aeronautics, automotive industries as well as the financial sector.

So, now with partners like Shell, Statoil and BP, Applied Blockchain is slowly, but steadily making their way onto the international scene.

The consortium which includes Shell, BP and Statoil plans to work on the creation of a new exchange platform for trading their goods based on the Blockchain technology. According to Johan Krebbers, Chief Technology Officer, the use of the Blockchain has massive potential for these companies.

The use of the new technology will completely revolutionize the energy sector. It will also streamline a lot of business activities, as well as making it easier for suppliers and customers to work together.

Applied is not the only company that’s been attracting the multinational interest. IBM, for example, has investigated using the technology to allow Standard Chartered Bank and the American International Group to become the first international companies to use smart contract and Blockchain technology.

Blockchain and the Energy Sector


Aside from Shell, there are a growing number of international companies looking at the technology. More recently, in 2017, Société Générale, ING and Mercuria joined together to establish oil trading using the Blockchain.The use of the Blockchain would come with many benefits in the oil and gas industry. As an example, it would speed of things in terms of payments and transactions, it would also offer better record keeping and logistics management.



Deloitte’s experts also confirmed that the Blockchain could be of significant interest to companies in the energy sector. The newer technology would establish fewer risks and increase transparency. It would also allow the acceleration of transaction and significantly reduce the cost.

E.on and Enel are another two companies that are taking advantage of Blockchain’s benefits and have invested in a firm called Ponton. Also, the Tokyo Electric Power Company, one of the biggest Japanese suppliers has recently invested in another London-based start-up, Electron.

With Blockchain having so many wonderful benefits for its users, it would be absurd for a company to pass on the opportunity to use it. The companies listed in this article are only of few of the many companies that are looking at the new tech.

As the years go, the number of Blockchain stakeholders continues to increase and whether its oil companies or power companies, everyone around the world is starting to see how they can benefit from Blockchain technology.

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