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.
"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.
We did the first product derivative trade on blockchain together with our partner Applied Blockchain
Investing in Applied Blockchain is part of our commitment to use digitalisation to create value in our core business and develop new business models.