Wipro announced the deployment of a blockchain-based small-scale liquefied natural gas (ssLNG) trading/fulfillment platform for Uniper Global Commodities SE and its LNG-for-trucks subsidiary Liqvis.
Uniper is a leading international energy company headquartered in Germany.
Wipro said Wipro blockchain platform built in collaboration with Uniper utilizes a consortium model for all ssLNG market participants to transform the trading market space resulting in efficiencies and significant cost savings for traders.
Uniper selected Wipro to build the blockchain platform to address the complexity of the European ssLNG market. Uniper has simplified the commodity flow management in a market characterized by manual and paper-based transactions and high operational cost.
The platform 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. It helps Uniper streamline trade by reducing turnaround time, effort and inefficiencies, enables scalability and brings visibility, transparency and trust in all stages of LNG trade.
“Blockchain will enable business growth without needing a lot of additional headcount to manage transactions,” Grigory Shevchenko, senior account manager Gas Supply and Origination, LNG Business Development, Uniper said.
Sarat Chand, EMEA Utilities Business Head, Wipro, said: “The platform helps Uniper’s LNG-for-trucks subsidiary Liqvis ensure that LNG is always available when and where it is needed and achieve price security through Uniper’s LNG supply contracts and seamless supply chain execution.”
Krishnakumar N Menon, Blockchain Theme Leader, Wipro, said, “The trading/fulfillment platform for ssLNG market leverages blockchain to simplify the LNG trade process with greater efficiency, transparency and security.”