On 20th August, Wipro announced the implementation of a blockchain-based small-scale liquified natural gas (ssLNG) platform in collaboration with Uniper for Uniper SE and it’s subsidiary Liqvis GmbH (100% LNG-for-trucks).
Headquartered in Germany, Uniper Global Commodities SE is an international energy organization. Uniper hired Wipro to develop the blockchain-based platform that could address the complex needs of the European ssLNG market while encouraging the growth of the LNG-for-truck business. This platform adheres to various peer-to-peer trading cycle participants to help in simplifying the commodity supply chain involving ordering, supplying, and validating the state of goods along with bill settlements.
Blockchain-based Platform’s Offerings
The implementation of a blockchain-based platform in the energy sector will allow Uniper to become the market’s valuable brand for introducing decentralized energy solutions and low-carbon modern supply of alternative fuels, said Uniper’s spokesperson.
Blockchain allows businesses to optimize operations and processes while boosting business value growth. This ssLNG platform will provide easy scalability and enhancements according to the growing needs of the marketplace.
Grigory Shevchenko, Account Manager Gas Supply & Origination (LNG Business Development), Uniper, said that the team had deployed the necessary building blocks like node network, security, and distributed computing to support this platform.
According to Krishnakumar N Menon, the smart contracts utilized in building this blockchain-based platform will allow process automation such as trade confirmation, demand creation, bunkering, shipment creation, invoice creation, and settlement. This automation will help to get rid of the manual interventions required. Krishnakumar N Menon is the VP (vice president)- Service Transformation and Blockchain Theme Leader.
He also added that Uniper and its customers would harness benefits like enabling digitization in their trade cycles and documents’ exchanges, sharing and alerts, and information in a real-time environment.