Shell Is Interested in Blockchain Technology

The market’s behemoth,dutch-british oil and gas company Royal Dutch Shell, announced that it is going to introduce blockchain technology in its work.

According to OilPrice, Shell bought a limited package of shares in the british start-up Applied Blockchain. The details of the deal are not yet disclosed but this step will help Shell study how the technology can be implemeted in its business.

The technology is slowly spreading in the energy sector and as Reuters reports, the syndicate that embraces Shell, BP and Statoil, is already working on developing a platform for selling its products on the basis of blockchain.

Shell’s chief technology officer in IT Johan Krebbets emphasized blockchain’s great potential for the business:

“Blockchain applications have huge potential to shake up how we do things in the energy industry from streamlining process, to simplifying how we work with our suppliers and serve our customers. Investing in Applied Blockchain is part of our commitment to use digitalisation to create value in our core business and develop new business models”.

Western media report that european financial companies ING and Societe Generale are also in the process of creating a system of selling oil with the help of blockchain technology  it will be a kind of a commodity exchange.

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