Shell Acquired a Stake in a Blockchain Startup
January 22, 2018
Oil and gas giant Royal Dutch Shell announced that it wants to use blockchain technology to increase the efficiency of its operation and to improve production process.
The first step has been made. The corporation has bought a stake in London-based startup Applied Blockchain. Deal terms is undisclosed at the moment.
Applied Blockchain has been operating for about 3 years and has a wide range of customers. Now, the company gets the opportunity to become a part of the oil and gas market, cooperating with Shell.
Johan Krebbers, Chief Technology Officer for IT at Shell Global Solutions International, told Forbes:
"Blockchain applications have huge potential to shake up how we do things in the energy industry from streamlining process, to simplifying how we work with our suppliers and serve our customers. Investing in Applied Blockchain is part of our commitment to use digitalization to create value in our core business and develop new business model".
In November 2017 it was reported that Royal Dutch Shell along with its rivals in the oil and gas industry, BP and Statoil, joined a consortium that will work on a development of a blockchain platform for trading oil and gas commodities. Launch of the platform is scheduled at the end of 2018.