The platform, built and implemented jointly by Wipro and Uniper, uses a consortium model for all ssLNG market participants to help transform the trading market space to bring in efficiencies and “significant” cost savings for traders.
The Bengaluru-headquartered IT services exporter said the platform is aimed to simplify the commodity supply chain and enable growth of the logistics-heavy decentralized LNG-for-trucks business.
The platform 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. It further helps Uniper streamline trade by reducing turnaround time, effort and inefficiencies, enables scalability and brings visibility, transparency and trust in all stages of LNG trade.
Strategically, it paves the way for Uniper to become the market maker for low-carbon modern supply of alternative fuels and decentralized energy solutions, said Wipro.
“…when we enter more downstream logistics-heavy markets, we encourage the use of innovative technologies to optimize our processes and operations. Blockchain will enable business volume growth without needing a lot of additional headcount to manage transactions. This will be true for us and our counterparts that will engage with Uniper through the paperless blockchain platform. The ssLNG trading platform provides for easy scalability and enhancements based on the growing marketplace. To achieve this, we jointly deployed the required building blocks such as security, distributed computing and node network,” Grigory Shevchenko, Senior Account Manager Gas Supply and Origination, LNG Business Development, Uniper, was quoted saying.
Krishnakumar N Menon, Vice President – Service Transformation and Blockchain Theme Leader, Wipro, said smart contracts used in the platform automate processes such as demand creation, trade confirmation, shipment creation, bunkering, invoice generation and settlement, leading to lesser manual interventions. “The blockchain-based platform benefits Uniper and its customers in their trade cycles by enabling digitization and exchange of documents; real-time sharing of information and alerts for an immutable audit trail of activities performed,” he added.