Wipro Ltd has implemented a blockchain-based trading / order processing platform for small scale LNG (ssLNG) for Uniper Global Commodities SE and its subsidiary Liqvis GmbH.
The platform, which was set up in cooperation with Uniper, uses a consortium model for all ssLNG market participants to redesign the trading marketplace. This leads to higher market efficiency and significant cost savings for the dealers.
Uniper commissioned Wipro to set up the blockchain platform in order to cope with the complexity of the European ssLNG market. As a result of the implementation, the flow of goods management is simplified in a market that is characterised by extensive manual and paper-based transactions and high operating costs. The platform implemented by Wipro involves several peer-to-peer trading cycle participants, enables the placing of orders and deliveries, the delivery of goods, the validation of the condition of the goods and the processing of invoices. In addition, it helps Uniper to optimise trading by reducing lead times, effort, and inefficiencies, promoting scalability and ensuring visibility, transparency and trust in all phases of LNG trading.
Dr. Grigory Shevchenko, Senior Account Manager Gas Supply and Origination, LNG Business Development at Uniper, said:
“The strength of Uniper lies in customer orientation, product design and market development. We build on this when we enter downstream, logistics-intensive markets and thus promote the use of innovative technologies to optimise our processes and procedures. The blockchain will enable business volume to grow without the need for a lot of additional staff for transaction management. This will apply to us and our partners who will work with Uniper via the paperless blockchain platform. The ssLNG trading platform allows for easy scalability and expansion based on the growing market. To achieve this, we jointly introduced the necessary modules such as security, decentralised computing and the node network.”
Sarat Chand, Vice President and EMEA Utilities Business Head at Wipro Ltd said:
“We are excited 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. The platform helps Uniper’s subsidiary Liqvis to ensure that LNG is always available for trucks when and where it is needed. In addition, Uniper’s long-term LNG supply contracts and the seamless execution of the supply chain ensure price security. This is a groundbreaking partnership between Wipro and Uniper. Our business competence in the Utilities ETRM area combined with our industry-leading blockchain expertise has enabled Uniper to modernise its trading platform, reduce friction losses.”
Krishnakumar N Menon, Vice President - Service Transformation and Blockchain Theme Leader at Wipro Limited said:
“The ssLNG market trading / order fulfilment platform uses the blockchain to simplify the LNG trading process with greater efficiency, transparency, and security. Smart contracts used in the platform automate processes such as requirement creation, trade confirmation, shipment creation, storage, invoicing, and settlement, resulting in less manual intervention. The blockchain-based platform brings benefits to Uniper and its customers in their trading cycles by enabling the digitisation and exchange of documents, the sharing of information in real time and alerts for an unchangeable audit trail of the activities carried out.”
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/24082020/wipro-and-uniper-collaborate-on-blockchain-based-lng-tradingorder-platform/