Posted by New Jersey, USA – Bangalore, India: Wipro has deployed a blockchain-based small-scale liquefied natural gas (ssLNG) trading/fulfillment platform for Uniper.
The Germany based global energy company Uniper Global Commodities SE and its 100% LNG-for-trucks subsidiary Liqvis GmbH will leverage this Wipro built blockchain-based ssLNG trading platform.
The blockchain based gas trading platform built in collaboration with Uniper utilizes a consortium model for all ssLNG market participants. And it helps to transform the trading market space with market efficiencies and cost savings for traders.
Uniper selected Wipro to build the blockchain platform to address the complexity of the European ssLNG market. As a result of the implementation, commodity flow management is simplified in a market characterised by extensive manual and paper-based transactions and high operational cost.
The Wipro deployed platform involves multiple peer-to-peer trading cycle participants that enables order and supply placement, goods delivery and validation and bill settlements.
It further 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.
Also it enables Uniper to become the market maker for low-carbon modern supply of alternative fuels and decentralised energy solutions.
According to Dr. Grigory Shevchenko, Senior Account Manager – Gas Supply and Origination, LNG Business Development, Uniper the blockchain will enable business volume growth without needing a lot of additional headcount to manage transactions.
“The ssLNG trading platform provides for easy scalability and enhancements based on the growing marketplace. To achieve this, we jointly deployed the required building blocks such as security, distributed computing and node network,” added Shevchenko.
“We are delighted to build and implement the Small Scale LNG blockchain platform for Uniper and support their initiative to promote LNG as an advanced and environmentally friendly fuel alternative,” said Sarat Chand, VP and EMEA Utilities Business Head, Wipro Limited.
“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 long-term LNG supply contracts and seamless supply chain execution,” said Chand.
“The trading/fulfillment platform for ssLNG market leverages blockchain to simplify the LNG trade process with greater efficiency, transparency and security,” said Krishnakumar N Menon, VP – Service Transformation and Blockchain Theme Leader, Wipro Limited.
“The blockchain-based platform benefits Uniper and its customers in their trade cycles by enabling digitisation and exchange of documents; real-time sharing of information and alerts for an immutable audit trail of activities performed,” added Menon.