Wipro builds blockchain LNG trade platform for Uniper
Wipro Limited has implemented a blockchain-based small-scale liquefied natural gas (ssLNG) trading/fulfillment platform for Uniper Global Commodities and its LNG-fueling unit Liqvis.
The platform built in collaboration with Uniper utilizes a consortium model for all ssLNG market participants to help transform the trading market space resulting in market efficiencies and significant cost savings for traders.
Uniper selected Wipro, an information technology, consulting, and business process services company, 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 characterized by extensive manual and paper-based transactions and high operational cost, Wipro said in its statement.
The platform implemented by Wipro involves multiple peer-to-peer trading cycle participants, enables order and supply placement, delivery of goods, validation of the state of goods and bill settlements.
Strategically, it paves the way for Uniper to become the market maker for the low-carbon modern supply of alternative fuels and decentralized energy solutions, the statement reads.