The German energy company Uniper Global Commodities SE has implemented a blockchain-based platform for its small liquefied natural gas (ssLNG) customers.
With the platform, Uniper hopes to streamline its business process and also to streamline LNG sales for its truck LNG subsidiary Liqvis GmbH.
Growing concerns about air pollution have led large companies to do so Use environmentally friendly fuels such as LNG in the transportation industry, especially in commercial vehicles. This has made it more important to make the ssLNG trading process more efficient.
However, Most small businesses struggle to take advantage of the growing demand for LNG as there is no profitable supply chain. They also lack experience in dealing with the security challenges involved in creating and maintaining these supply chains.
To help small businesses overcome these obstacles, Uniper developed the platform in collaboration with the Indian IT service provider Wipro.
In an announcement on August 21, Wipro stated that the ssLNG market was currently being affected by extensive manual and paper transactions, which had led to high operating costs.
The blockchain platform developed by Wipro aims to reduce manual paperwork. A consortium model is used for Uniper’s ssLNG customers, which shortens response times and other inefficiencies while increasing transparency and scalability at the same time.
The platform brings together different participants in the peer-to-peer trading cycle and enables them to place orders, add deliveries, execute the delivery of goods, validate the status of goods and pay bills. You automate all of these processes with the help of smart contracts.
Both companies expect the platform to significantly reduce the time and cost of performing operations. Krishnakumar Menon, who heads Wipro’s blockchain spending, said:
“The blockchain-based platform benefits Uniper and its customers in their business cycles by enabling the digitization and exchange of documents. Real-time information exchange and alerts for an unchangeable audit trail of the activities carried out “.
Grigory Shevchenko, Uniper’s senior account manager, said the paperless blockchain platform will help them grow their business without necessarily hiring more people to manage business transactions.