Oct 3, 2017

BP experiments with blockchain for oil and gas trading

BP is experimenting with blockchain to make oil and gas trading more efficient in the latest sign of big companies bringing the database technology into mainstream use. BP has been working with Eni, the Italian oil major, and Wien Energie of Austria on a pilot programme where blockchain trades have been run on an experimental basis, in parallel with live trading systems. Mr Eyton said oil and gas trading was just one of many potential applications for blockchain across BP - externally and within the organisation - using traditional currencies rather than cryptocurrencies. Rew Woosey, a partner at EY who has worked with BP on its pilot programme, said blockchain could lead to "Reduced risk, better protection against cyber threats and ultimately significant cost savings". Blockchain is part of a wave of digital technology being adopted across the oil and gas industry as a sector associated with greasy pumps and valves tries to modernise.

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