First energy product derivative trade on blockchain
Nov 30, 2018
On November 8, 2018, Shell announced the world’s first oil product derivatives trade using blockchain technology developed with Applied Blockchain. The technology is currently being used within Shell, allowing the company’s various businesses to trade by seeing real time prices from its trading teams.
“Applied Blockchain worked closely with Shell to develop one of the first production-grade enterprise blockchain solutions, and the first blockchain-based energy derivative trading platform” said Adi Ben-Ari, CEO of Applied Blockchain. “We built the solution using our Mantle toolkit to future-proof the application by preparing for blockchain platform portability and interoperability. We look forward to continuing to work with Shell.”
“The goal of the platform is for anyone on the system to be able to look at a particular energy product at any time and understand where it is being traded and at what price. This will allow trades to be executed more quickly and efficiently to manage their business needs and exposures as required” says Martin Ireland, GM Price Risk Management at Shell.