BP, the multinational energy company, is trialing the implementations of distributed technology on an energy trading platform developed by BTL, a blockchain startup.
According to BP’s head of technology David Eyton, the company considers that using blockchain could give it a competitive advantage in the market.
In fact, BP has been working alongside energy firms Wien Energie and Eni Trading & Shipping on testing BTL’s blockchain platform by trading European natural gas. After the successful conclusion of the trial in June 2017, the companies have aimed to include more participants as part of a broader commercialization drive.
Talking with the Financial Times, Eyton stated: “There are uses for blockchain that could give us a competitive advantage. Blockchain can be much more efficient in terms of speed and verification of transactions.”
Furthermore, BP’s head of technology inferred to the broader potential usage of the blockchain technology, that goes beyond trading and includes more specifically, the area of inter-company payments settlement.