Blockchain Energy Trading Platform

EDF Energy and UK Power Reserve have completed the first exchange of a capacity market obligation using the blockchain-based energy trading platform being developed by Electron. Enable creation of marketplaces for sourcing in an ecosystem. Origin Energy works in a number of energy fields, including. A blockchain consortium is a distributed public ledger in which all the communicating nodes are connected in a P2P manner for sharing of information without depending on a trusted third-party. BCP is testing the new platform at a shopping mall attached to one of its fuel stations in Bangkok. Additionally, distribution of clean energy is also quite costly, inefficient and very insecure. Based on JP Morgan’s Quorum blockchain, the platform is in fact the first functional blockchain trading platform for the oil and gas industry. The blockchain platform will allow consumers to trade excess solar energy from the region's solar farms. If adopted as standard in the energy industry, this platform would provide the industry with a much needed standardized ledger system, allowing other players to build novel blockchain solutions on. Because of its unique attributes, this technology has the potential to play a significant role in the energy sector. Two energy divisions of German tech giant Siemens have joined a blockchain-driven energy platform to promote the use of decentralized technologies in the sector, according to a press release published Wednesday, Nov. Emerging interest of energy utility companies in exploring the potential benefits of blockchain technology for sustainability and low carbon transition along with increased growth in the percentage of prosumers prevailing in the renewable power trading will substantially drive the blockchain in energy market. "Shaving off the mystique surrounding blockchain technology, the goal is to move away from cumbersome paper heavy processes to a platform with secure. This revolutionary global renewable energy marketplace will be a complete global green energy solution facilitating the worldwide electronic trading of energy supply at wholesale prices from Green Energy Suppliers in a B2B, B2C and in some cases P2P focused Blockchain marketplace platform targeting buyers around the world who wish to purchase, trade or resell renewable energy supply and related products and services. MobileBridge is a world leader in creating customer engagement. Source: Conjoule. In this article, I will discuss penetration of energy trading platform, the most popular application of blockchain technology in the energy sector. As new subscribers join and the platform grows, federated power plant operation at the scale of a traditional virtual power plant would become possible. Energy Trading on Blockchain. Solar power trading for Gen Y Demonstration Housing Project. Windhan is an ERC20 standard based Green Energy Platform which uses blockchain technology to create a more meritocratic next generation of renewable energy assets. Power Ledger is a P2P (peer-to-peer) energy trading platform that utilizes blockchain technology. The partnership was reported by the independent news agency this week and involves Shell, BP, and Equinor. The largest energy supplier in Austria is testing blockchain-based services and intends to market products incorporating them. Petroleum refiner Bangchak Corporation Public Co. The Easy Trading Connect platform was first validated with an oil cargo transaction in February 2017, with the subsequent launch in November 2017 of an energy consortium aiming to offer blockchain. MobileBridge is a world leader in creating customer engagement. Greeneum is launching a blockchain-based platform for energy trading. A soybean shipment became the first international trade to use blockchain, and energy trading outfits Gazprom and Total are trialling a blockchain platform. LONDON (Reuters) – Oil majors and trading firms can start finalizing crude oil deals on a live blockchain-based platform for the first time, in a move that could revolutionize the market. In wholesale energy trading, BTL identified trade confirmation and reconciliation issues as the first pain point that could be tackled using blockchain. Australia's coastal city of Fremantle has kicked off a trial that will allow some residents to trade solar power on a blockchain-based platform provided by renewable energy-focused crypto startup Power Ledger. WePower is another important blockchain based green energy trading platform. A consortium of energy companies and banks recently announced a partnership to develop a blockchain-based digital platform for trading energy commodities. (Reuters) - A consortium including energy companies BP and Royal Dutch Shell will develop a blockchain-based digital platform for energy commodities trading expected to start by end-2018, the group said on Monday. This will cut costs, increase efficiency and transparency, and reduce errors. WHy buy energy from a middleman/agency when you can buy it directly from independent producer at much lower rates??? Peer to peer power trading. The Australia. Exclusive: South Korean telecom giant KT to bring blockchain to charity, energy trading, identification, and beyond Tue, 16 Oct 2018, 11:03 am UTC South Korean telecom giant KT is going big on blockchain technology and is already working to implement the technology across various fields. The project brings transparency and sustainability into the currently closed-off energy system and directly links clean energy producers to consumers on Lition's blockchain application. Limited (BCP) is testing a blockchain-based energy trading platform and commercial microgrid, distributed energy news site Microgrid Knowledge reports on March 7. Although it seems to be generating the most buzz in financial services, the networked infrastructure of the energy industry makes it particularly suited for blockchain technology applications. Petroleum refiner Bangchak Corporation Public Co. Already, around the world, we’re seeing the P&U industry begin to engage in collaborative pilot programs. Australia’s coastal city of Fremantle has kicked off a trial that will allow some residents to trade solar power on a blockchain-based platform provided by renewable energy-focused crypto startup Power Ledger. Multinational IT provider, Tech Mahindra, and the peer-to-peer based energy trading platform, Power Ledger, have created a new service for clientele specifically interested in microgrids. On 10 January, Anthony van Vliet, global head of trade and commodity finance at ING, was interviewed by Bloomberg TV on VAKT, a new blockchain energy trading platform. In the actual distributed generation scenario, the excess energy generated by prosumers beyond their need would be sold through the trading platform in the open market. Electric power operators, solar power generators, and households will be able to make use of the IOTA based platform to conduct real-time energy trading through mobile. 9 kW of commercial rooftop and canopy solar. The pilot project in the centre of Thailand’s capital is among the world’s largest peer-to-peer renewable energy trading platforms using blockchain, according to the firms involved. A consortium including energy companies BP and Royal Dutch Shell will develop a blockchain-based digital platform for energy commodities trading expected to start by end-2018, the group said on Monday. Blockchain-based energy trading platforms. More specifically, the test examines whether the trading platform, jointly developed by the two companies based on Energy Web Foundation’s (Note2) blockchain technology, appropriately manages transactions without involving a third party, automatically handling transactions from matching buy / sell offers to facilitating the conclusion of contract and executing the transaction (Smart Contract (Note3)). Several major energy firms are partnering on a new blockchain-based trading platform. In the long-term, blockchain automation in peer-to-peer energy trading and dispatch will transform the sector. Verv has recently launched its VLUX (VLX) token, which will provide access to the platform's blockchain energy trading network. , Asset liquidity allows more favorable capi- tal-to-debt ratios without using Government subsidies. Commodity Trading. This blockchain-based system lets users share in the value of renewable energy and opens up energy trading to consumers. Restart Energy is a European energy company that’s trying to democratize the energy market worldwide, and facilitate renewable energy trading between individuals. "Bringing power to the people," is the motto of Berlin-based Lition, and the green energy blockchain trading platform is poised to do that globally. Using smart contracts, blockchain will be able to clear physical and financial markets at the same time, automating dispatch of load, generation and storage from both ends of the grid. 3 percent of electricity production worldwide comes from renewable sources. According to them the world still runs on dirty energy, changing which can take several decades. Based on JP Morgan’s Quorum blockchain, the platform is in fact the first functional blockchain trading platform for the oil and gas industry. Power Ledger won for its work developing blockchain solutions for the energy industry, including a peer-to-peer electricity trading platform for consumers (named "xGrid"). Energy Trading on Blockchain. E2C is built according to the ERC-20 token standards, which is used by the popular Ethereum system. Although there are several blockchain trials in the energy sector, in all projects including the Brooklyn Microgrid, SolarCoin, LINQ, Blockcharge and WePower. SP Group has revealed their latest innovation in blockchain; a renewable energy certificate (REC), at the ASEAN Energy forum. Among them is a blockchain initiative, driven by Swedish power company Vattenfall, which links 22 other European energy trading firms for peer-to-peer trading in the wholesale energy markets. , one of the country’s leading providers in the solar energy field, will be driving the project. By having our 120 solar sites in Asia on board this platform, we can now allow consumers, who are unable to generate their own renewable energy, another reliable solution to achieve their clean energy goals. Emerging Aussie blockchain startup Power Ledger will soon find itself pitching its power trading platform to Sir Richard Branson himself after getting into the finals of the Extreme Tech Challenge. The obstacles won’t go away anytime soon. In Conjoule’s blockchain-based model, a resident with a rooftop PV installation could sell excess energy to neighbors using blockchain transactions, without the added time, fees and hassle of going through a centralized corporation or agency. Most recently, a Sydney-based start-up is taking a different approach when attempting to integrate renewable energy with blockchain technology. Several major energy firms are partnering on a new blockchain-based trading platform. The consortium also includes trading firms and banks ABN Amro and ING. Besides, the platform aims to achieve this at the lowest cost while providing the benefit to all participants. Emerging Technologies, Innovations Ecosystem and Business Models in Blockchain-based Energy Trading. This Blockchain-Based Energy Platform Is Building A Peer-To-Peer Grid WePower is creating a new cryptocurrency to help facilitate a more democratic system of funding and buying renewable energy. Solar power trading for Gen Y Demonstration Housing Project. They state. All in all, blockchain has the potential to make energy trading more efficient and more transparent. Hurdles for blockchain—there are many. WePower’s trading platform, enables businesses to connect directly with green energy producers, to contract electricity at competitive rates. July 13, 2018 Blockchain 0. It is a digital leader that enables cryptocurrencies such as bitcoin to expand without need of a government or a bank. While blockchain technology is still in the relatively early stages of development, the potential uses are broad and promising. Three major oil companies have partnered with large banks and trading houses to launch Vakt, a blockchain driven platform for energy commodity trading. What is peer-to-peer solar energy trading? How is it regulated? What is Blockchain? Does it make economic sense? This guide provides an overview of all that you need to know. Blockchain consortium for secure energy trading. Nevertheless, the electricity generated can either be used at the generation site or sold to the grid at a relatively low price. If you believe that blockchain technology can solve many of today's problems and that we are the team to bring it to the energy sector, you are welcome to contribute. "Bringing power to the people," is the motto of Berlin-based Lition, and the green energy blockchain trading platform is poised to do that globally. Not only the blockchain is the basis for the cryptocurrencies, but it is now. Limited is testing a blockchain-based microgrid at one of its stations in Bangkok. (PERC) is a Singapore-based company that’s developing a decentralized energy trading platform for global traders without the use of middlemen while. This will be done in Bangkok’s T77 precint which includes several participants: a shopping center, an international school, some apartments and a dental. Powers Major oil companies in the North Sea and other industry participants recently announced the formation of a blockchain-based energy commodity trading platform called VAKT. Now, oil trading platforms are emerging that cater to the unique complexities of trading energy commodities. Power Ledger, an Australian blockchain startup has teamed up with: BCPG Public Company, a subsidiary of Bangchak Corpporation (Thailand) to create the first peer-to-peer energy trading platform in Thailand. Blockchain applications in energy trading "Firms are dealing with greater requirements for reporting, transparency, and dissemination of data. WePower is another important blockchain based green energy trading platform. In November 2017, a new venture, named VAKT Global, was created as an independent entity to develop a blockchain-based digital platform for energy commodity trading. People at WePower firmly believe the importance of Green energy revolution, which is now needed more than ever before. UK Power Reserve purchased a 2MW contract for demand-side response covering the 2017/18 delivery year from EDF Energy. Slovenian blockchain-powered energy trading platform SunContract has recently entered into a strategic partnership with Italian energy company Tecnoapp. Power Ledger is a P2P (peer-to-peer) energy trading platform that utilizes blockchain technology. Blockchain consortium for secure energy trading. Through the platform, we can provide infrastructure for four different usecases that we have determined as priority. Blockchain Tech Potential for Distributed Energy Resources, Energy Trading, Utilities, and Other Energy Apps Blockchain tech is also being explored in distributed energy systems (and this may be a future post) particularly with microgrids. The Australia. How Utilities Are Using Blockchain to Modernize the Grid. Major oil companies are stepping up to support such platforms, and we are sure to see more come online in the coming months. Thai petroleum refining firm Bangchak Corporation Public Co. Ben Wyatt, Finance and Energy Minister of Government of Western Australia, announced that around 40 households in the city will participate in the trial which is going to run till June next year. The news comes about 18 months after the port and the Rotterdam municipality initially set up its blockchain development group, BlockLab. Restart Energy is setting up a decentralized energy trading platform based on blockchain technology (Restart Energy Democracy platform or RED-P), which will enable anyone to trade energy using the. Greeneum is introducing a blockchain-based platform for the global decentralised energy trading market. The Port of Rotterdam announced last week that its blockchain-based energy trading platform is “complete in principle” and it will begin testing it in the coming months. Blockchain technology, which first emerged as the. WePower’s trading platform, enables businesses to connect directly with green energy producers, to contract electricity at competitive rates. WePower allows energy tokenization to improve the funds’ access and financing pattern. Emerging interest of energy utility companies in exploring the potential benefits of blockchain technology for sustainability and low carbon transition along with increased growth in the percentage of prosumers prevailing in the renewable power trading will substantially drive the blockchain in energy market. World's First Enterprise-Grade Blockchain Platform For Energy Commodities Goes Live. Thai Oil Firm Pilots Blockchain Energy Trading Platform March 24, 2019 Bangchak Corporation PCL or BCP, a petroleum refining company based in Thailand, has announced that it is testing an energy trading platform and commercial microgrid using blockchain technology. A Dire Need to Reduce Cumbersome Paper-Based Systems CommChain is looking to revolutionize the bulk commodity trading by eliminating the need for paper-based documentation. In the actual distributed generation scenario, the excess energy generated by prosumers beyond their need would be sold through the trading platform in the open market. 9 kW of commercial rooftop and canopy solar. While only crude oil will be traded on VAKT initially, developers have a vision to grow the platform to facilitate blockchain-based trading of all physically traded energy commodities. One of Australia's largest utility providers is working with blockchain startup Power Ledger to test a new energy trading platform. Founded by Amalto's CEO Jean Pierre Foehn. This will be done in Bangkok’s T77 precint which includes several participants: a shopping center, an international school, some apartments and a dental. BP, Dutch Royal Shell, and Norwegian oil firm Statoil have invested in the new venture. The purpose of using Vakt is to move energy trading from cumbersome paper contracts to digital smart contracts. ASTRN Energy (Assetron) is developing a platform that will go one tier lower than p2p renewable energy trading — the affordability and implementation of clean energy power sources themselves. What "blockchain-based energy trading" is a means by which a bunch of Silicon Valley wank words are strung together causing gullible VCs to ejaculate funding all over them, raising the brand name to a point where they can cash the fuck out and retire to one of those Libertarian seasteads that creep from Amazon is always going on about. By selling energy production up front with these smart energy contracts, companies can develop green energy production channels all while. The trading platform, built by Electron, can facilitate multiple types of energy flexibility trades. The more P2P energy platforms expand, the more they will face scalability and performance issues. It is driven by smart contracts on a blockchain that is more secure, transparent, and efficient than existing systems. Reuters reported on the development on Jan. The BTL(TM) Interbit(TM) Blockchain Platform to Drive Next Phase of Energy Trading Systems With Market Leading European Energy Firms By Published: Jan 22, 2018 2:00 a. The Power Ledger trading platform will use that data to analyze energy trading between participating homes. It is essential, therefore, that CIOs and business leaders understand the role that blockchain can play. A group of global banks and heavy hitters from the trading and energy sectors have jointly launched a new blockchain-based platform for financing the trading of commodities. MetLife Insurance blockchain platform ING User identity protection Siemens Peer-to-peer energy trading Pfizer Medical supply chain Nestle Manufacturing supply chain Royal Dutch Shell Energy commodities platform of large companies see a compelling business case for the use of blockchain of large companies have initiated blockchain deployments. Three major banks are also part of this latest blockchain venture – ABN Amro, ING, and Societe Generale. Source: Conjoule. Perth-based start-up Power Ledger has put its hope on a peer-to-peer energy trading platform underpinned by blockchain. Liam Stoker. A blockchain-based trading platform that could assist oil majors and trading firms to drastically reduce costs is now operational. A consortium involving Shell, BP, and Statoil is working on the development of a blockchain-based energy commodity trading platform, along with three large commodity traders—Gunvor, Koch Supply. tiqpit ( /tɪkɪt/ ) - Is a trusted, transparent and inter-operable blockchain based trading system in which commodity contracts are made directly between producer, finance, insurance, logistic and consumers (without involving a third-party intermediary) and are carried out automatically. A group of the world's leading energy traders and banks is set to shake up the centuries-old commodity trading sector by launching a new digital platform for crude oil trading based on. These oil traders and global community trading companies including Mercuria, Gunvor and the sixth largest company in the world — Royal Dutch Shell are collaborating with international financial establishments to support the launch of a blockchain platform that will enhance productivity and security within the commerce space. Blockchain technology will provide transparent, auditable, and also automated distribution. WePower, is an emerging player in next generation green energy procurement that utilises blockchain to develop smart contracts to drastically simplify the process around energy procurement contracts. research report. Lower cost of compliance and. The news surfaced at the Singapore International Energy Week, after SP Group CEO, Wong Kim Yin stated about the importance of blockchain in terms of energy trading. Among them is a blockchain initiative, driven by Swedish power company Vattenfall, which links 22 other European energy trading firms for peer-to-peer trading in the wholesale energy markets. Moving beyond the proof of concept stage, VAKT is now creating a production blockchain platform to digitise the global commodities trading industry. "In addition to more efficient, more cost-effective transactions in electricity and gas trading, blockchain technology could, in future, be used as the basis for integrating decentralised generation assets into the grid with the minimum of difficulty. Easy Trading Connect is proof that the sector can be digitalised with blockchain technology. Thai petroleum refining firm Bangchak Corporation Public Co. The enterprise-grade VAKT platform provides real-time and secure trading of energy commodities. Blockchain is a distributed, digital transaction technology that allows for securely storing data and executing smart contracts in peer-to-peer networks. In the actual distributed generation scenario, the excess energy generated by prosumers beyond their need would be sold through the trading platform in the open market. The machine learning specialist has collaborated with community renewables developer Repowering London to conduct a field trial of its blockchain-based peer-to-peer energy trading solution at Banister House,. This will cut costs, increase efficiency and transparency, and reduce errors. They could also include services around land registry and power supply. The purpose of using Vakt is to move energy trading from cumbersome paper contracts to digital smart contracts. A consortium of energy companies and banks recently announced a partnership to develop a blockchain-based digital platform for trading energy commodities. And it is quite a fresh approach in which Jemma addresses whether we need to combine the electricity and blockchain technology. The company behind the VAKT platform was launched in 2017 by a group of energy companies including BP, Equinor, Gunvor Group, Koch Supply and Trading, Mercuria Energy Group, and Royal Dutch Shell, and its existing shareholders include leading European banks ABN Amro, ING, and Societe Generale. The exchange will now settle all gold and silver transactions on the VaultChain blockchain and offers traders a secure and low-cost method for precious metals trading and storage. Although it seems to be generating the most buzz in financial services, the networked infrastructure of the energy industry makes it particularly suited for blockchain technology applications. Greeneum is from the same team that launched SolarChange with the SolarCoin solar generation reward programme. A group of the world's leading energy traders and banks is set to shake up the centuries-old commodity trading sector by launching a new digital platform for crude oil trading based on. A Perth startup will begin trials of consumer-to-consumer electricity trading this month using Blockchain technology – a small but potentially seismic step towards a future energy system. Among them is a blockchain initiative, driven by Swedish power company Vattenfall, which links 22 other European energy trading firms for peer-to-peer trading in the wholesale energy markets. Combining blockchain's decentralized digital ledger technology with our own innovative methods for capitalizing on energy and data, we've created a permissioned data platform to develop localized marketplaces for transacting energy across existing grid infrastructure. The project brings transparency and sustainability into the currently closed-off energy system and directly links clean energy producers to consumers on Lition's blockchain application. Because of its unique attributes, this technology has the potential to play a significant role in the energy sector. The news surfaced at the Singapore International Energy Week, after SP Group CEO, Wong Kim Yin stated about the importance of blockchain in terms of energy trading. Creating a more efficient green energy marketplace with IBM Blockchain technology. One of the best ways to keep the customers engaged with a particular company is to offer them rewards for their purchases on the platform. VAKT To Launch Oil Industry-Backed Blockchain Platform This Month Blockchain, News | November 14, 2018 By: David Pimentel. The advent of blockchain technology sparked a variety of innovative concepts across many disciplines. If you believe that blockchain technology can solve many of today's problems and that we are the team to bring it to the energy sector, you are welcome to contribute. UK-based Vakt, a post-trade blockchain platform for oil, has signed up as a common fraction of corporations to blame for all deals in North Sea oil commerce. Nov 07, 2018 · "A consumer in Singapore who wishes to buy green energy can now, through blockchain-powered REC trading, purchase a REC from a hydro-producer based in Laos," SP Group CEO Wong Kim Yin told CNBC at. Blockchain power trading platform to rival batteries A Perth startup will begin trials of consumer-to-consumer electricity trading this month using Blockchain technology – a small but potentially seismic step towards a future energy system. They discuss VAKT, the company which is looking to. Switzerland-based venture komgo SA will be controlling this commodity platform. Despite hockey stick growth rates, renewable energy accounts for only a small fraction of the world energy market. Gas/Commodity Trading. Slovenian blockchain-powered energy trading platform SunContract has recently entered into a strategic partnership with Italian energy company Tecnoapp. As ‘cryptomania’ gripped trading markets at the end of 2017, a disturbing fact about the early blockchain algorithms used in platforms like Bitcoin and Ethereum came to the fore: they use staggering amounts of electricity. Build an open source IT infrastructure upon which these applications can be. The “Distributed Energy: Impact of Blockchain on Energy Trading” report highlights the impact of prosumerism and distributed resources on the energy transaction landscape. de with the credentials demo / demo1234. Exclusive: South Korean telecom giant KT to bring blockchain to charity, energy trading, identification, and beyond Tue, 16 Oct 2018, 11:03 am UTC South Korean telecom giant KT is going big on blockchain technology and is already working to implement the technology across various fields. According to the organisation's website, the Greeneum solution combines blockchain and artificial intelligence to provide a global data system and local energy trading system that records the production and trade of green energy on a global scale. The paper produced at Fudan claims to have developed the platform to be compatible with IBM’s Hyperledger and the ethereum blockchain. According to the sources, Microsoft will announce plans for adding blockchain tools to its Power Platform at the Microsoft Business Applications Summit today in Atlanta. Blockchain makes it easier for people to trade on the renewable energy trading platform that connects energy buyers directly with energy producers, giving people and companies a possibility to decide what green energy project to buy from. Easy Trading Connect is proof that the sector can be digitalised with blockchain technology. Reuters reported on the development on Jan. Lower cost of compliance and. However, even with this application, we see three fundamental reasons why the adoption of blockchain-enabled P2P trading at scale will be limited in this industry:. 5 Microgrid Project Based on Blockchain Enables Energy Transfer Within Communities. The Changing Energy Industry: Blockchain Enables Peer-to-Peer trading With blockchain, the energy industry could create secure peer-to-peer capabilities. Big energy traders are backing blockchain post-trade projects, like Vakt for oil and OneOffice for gas, that are expected to launch in the coming months. Energy Trading Block Chain. When Grid+ carried out a pre-sale last month, it raised around USD$29m in dollars plus ether and bitcoin cryptocurrencies. The newly developed Swiss-based platform, which will be built on Ethereum's blockchain will be called komgo SA and it is due to go live later this year. The Brooklyn Microgrid is a proof of concept that could lead to a rearchitecting of electric grids globally. Limited (BCP), a petroleum refiner in Thailand, is testing and demonstrating a commercial microgrid and blockchain energy trading platform at a community shopping mall anchored by a BCP fuel station in Bangkok. Bittwatt is a blockchain platform that facilitates payment of utilities, virtual currency wallets & POS and other merchandise functionalities. This week a South African blockchain startup called Sun Exchange raised $1. The concept of that Blockchain eliminates intermediaries is discussed time and time again. Nov 07, 2018 · "A consumer in Singapore who wishes to buy green energy can now, through blockchain-powered REC trading, purchase a REC from a hydro-producer based in Laos," SP Group CEO Wong Kim Yin told CNBC at. Global oil giants join oil blockchain platform for energy commodity trading Chevron, one of largest American multinational energy corporations, and two other major energy companies have joined Vakt, a United Kingdom-based blockchain platform for energy commodity trading. According to the news, Yin explained how companies can buy or sell Renewable Energy Certificates(REC) among themselves as an alternative to non-renewable energy resources through. In November 2017, a new venture, named VAKT Global, was created as an independent entity to develop a blockchain-based digital platform for energy commodity trading. Besides, the platform aims to achieve this at the lowest cost while providing the benefit to all participants. Blockchain company raises $40 million to further develop energy trading platform WePower is raising money in hopes of leveraging Bitcoin's 'blockchain' technology to enable instant tracking. Through the platform, SunContract aims to create a self-sufficient, eco-friendly, green energy community. While a complementary project, in essence, it appears to broaden and grow that earlier programme to other green energies including wind, hydro and thermal. SunContract, the world's first live blockchain-powered peer-to-peer platform that empowers individuals to freely buy, sell or trade electricity was launched on April 13, 2018. Now, oil trading platforms are emerging that cater to the unique complexities of trading energy commodities. Dubbed the world's first blockchain-powered certificate marketplace the trading platform showcased its first purchase during the forum. The fintech company, Tradewind, has added silver to its precious metals trading platform. These oil traders and global community trading companies including Mercuria, Gunvor and the sixth largest company in the world — Royal Dutch Shell are collaborating with international financial establishments to support the launch of a blockchain platform that will enhance productivity and security within the commerce space. MobileBridge is a world leader in creating customer engagement. Blockchain company raises $40 million to further develop energy trading platform WePower is raising money in hopes of leveraging Bitcoin’s ‘blockchain’ technology to enable instant tracking. The consortium also includes trading firms and banks ABN Amro and ING. This BP and Shell led initiative offers compelling short-term cost reductions and efficiencies while threatening long-term disruption to the entire commodities trading market [1]. Blockchain turns both currencies and commodities into a digital form without relying on middleman which allows one person to trade with another include trading the renewable energy. It's free to register, and only takes a few minutes. Banks and trading companies globally are proving quick to adopt and test blockchain technologies. EnerChain is the world's first trading tool for wholesale energy trading over the blockchain. The global energy market giants BP, Shell, Gunvor, Mercuria and Equinor along with some major banks have joined the blockchain platform by Vakt. The first wave that started in 2016 2016 was the year when blockchain technology was first brought to the energy industry and exciting pilot projects that envisages future of energy industry started. These and other blockchain-based projects run at the application level atop existing. The more prominent ones include Suncontract, PowerLedger and Wepower. Other shareholders are energy firms BP, Shell, and Equinor; commodity trading companies Koch Supply & Trading, Guvnor, and Mercuria Energy Group, and the major banks ABN Amro, ING, and Société Générale, Vakt is built on JPMorgan’s Quorum platform, an Ethereum-based private enterprise blockchain. Blockchain technology changes the way we transact, with the underlying transaction model shifting away from a centralised structure (banks, exchanges, trading platforms, energy companies) towards a decentralised system (end customers, energy consumers). Thai Petroleum Company Tests Blockchain Energy Trading Platform March 7, 2019 admin Blockchain 0 Thai petroleum refining firm Bangchak Corporation Public Co. The vice president of product development at VAKT, Lyon Hardgrave, confirmed that they expected the platform to be up and running by the end of this month in the North Sea oil market. Companies have invested millions in building proprietary trading platforms tailored to the unique energy trading industry. The Government-backed trial, taking place at Hackney’s Banister House Estate, uses machine learning startup Verv’s renewable energy trading platform, which allows customers with renewable energy supplies and battery storage to sell surplus power directly to their neighbours. WePower is an energy trading platform that aims to finance the development of green energy projects and inject additional renewable power into the grid. VAKT is an independent company created and backed by some of the world’s premiere energy majors, commodity traders and banks. WePower: The Green Energy trading platform based on Blockchain. Its offices are located in Toronto, Ontario, Canada, Los Angeles, California and its initial oil sands processing plant is in Vernal, Utah. Blockchain use cases in trading, compliance, and more. The Blockchain Energy System Is Going To Be Great For Consumers "Blockchain can be used to create a trading platform that is secure, low-cost and fast," Martin says. Shell, BP, and Statoil together are working on the development of a blockchain-based energy trading platform. Origin Energy in Australia started a three month test in October 2017. Blockchain can provide a secure and transparent platform for peer-to-peer energy trading and enable individual consumers to safely record, transmit and use energy data. Verv, currently holding a pre-sale for its VLUX token, rolled out its blockchain-based energy trading platform to the London community earlier this year and executed the UK’s first physical peer-to-peer trade of energy on the blockchain in April. AGL tests household energy trading using blockchain in Melbourne pilot AGL-led, ARENA-backed pilot to test P2P energy trading between households using blockchain technology. The paper produced at Fudan claims to have developed the platform to be compatible with IBM’s Hyperledger and the ethereum blockchain. Blockchain Energy Trading Platform.