A new software has been launched for commodities trading for the Gas industry. This software is based on the Hyperledger Fabric blockchain. As reported by company executives to CoinDesk, the news site in Bitcoin and digital currencies, the EnHelix Marketplace was revealed at the Gastech energy conference held in Singapore.
Gastech has united the energy, global gas, and LNG industries for more than 45 years now and continues to do so, by emphasizing on the future and convening the global community. Gastech aims to shape the future of energy by bringing together individuals, companies, and organizations. The Gastech conference is globally renowned and serves as a valuable platform for sharing expertise and vision, raising the voice of gas, raising consensus, and providing solutions to the major challenges of the industry.
The software launched at this conference streamlines commodities trading with applications, thereby supporting every step involved in the process such as trade execution, pre-trade KYC, and post-trade risk management. Automated systems and smart contracts make these energy trades more organized and faster for users.
As told by an EnHelix representative to CoinDesk, “When you encapsulate commodity trades in blockchain smart contracts, you essentially increase the speed of your trading activities, avoid data reconciliations and messy data interfaces.” The representative also added that Blockchain’s tech advances don’t naturally fit into commodity trading, where brokers, to negotiate deals, still rely on informal channels such as instant message. These tools will provide the required amount of flexibility and mobility.
The transformation of the oil and gas industry using blockchain technology is not a new phenomenon. It is one that has gained immense popularity in the past few years. Due to the fraudulent activities that take place in the oil and gas industry, the EnHelix blockchain network was created to enhance efficiency by creating a transparent process to get rid of middlemen and intermediaries.
The EnHelix blockchain is entirely deployed on the cloud. The software platform offered by EnHelix works best on the best enterprise-grade framework, Hyperledger Fabric, on super scalable AWS services. The EnHelix Marketplace blockchain system energy and commodity firms conduct business transactions with the help of smart contracts to reduce paperwork and reconciliation for order and post-trade operations.
The Enhelix Logistics Blockchain was “created for midstream, cargo brokers, and logistics companies to streamline their scheduling, nomination, and billing operations,” through distributed ledgers. The settlement blockchain of EnHelix is a “fin-tech system for all oil and gas, energy, commodity businesses to process, audit, and track all payments and fees.” The efficiencies of the Houston-based energy specialists have attracted more than 50 industry players who have expressed their interest, including the consulting firm, Flexera Global.
David Olson, COO of Flexera, stated that commodity transactions have a “fin-tech system for all oil and gas, energy, commodity businesses to process, audit, and track all payments and fees. Where there are multiple parties, that require trust and verification on a secure, permanent record that eliminates double counting and provides one accurate record of ownership or transfer details – EnHelix delivers.”
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