EnHelix launches the first blockchain based commodity trading for the gas industry in Huston’s Gastech Energy Conference held last week.
A number of industries are adopting blockchain technology in a bid to streamline the supply chain process and cut out intermediaries. As a result the industries save on cost, reduce the fraudulent activities while offering an efficient network between participants.
The EnHelix blockchain is built on the Hyperledger Fabric offering a scalable enterprise blockchain based solution for the energy, oil and gas industry. The official EnHelix website states,
“The software platform works on top of the best Enterprise-grade framework Hyperledger Fabric on super scalable AWS services.”
As Coindesk revealed, the launch of the blockchain aims at supporting every application process during online commodity trading. Some of this processes include risk management, trade execution and pre-trade KYC. With the help of smart contracts, energy trades are made more organized and quicker for the users.
One representative at EnHelix said that the speed of customer trading activities is increased once a person links their trades to smart contracts citing further that broker over reliance on informal channels to negotiate their deals was a trend that would soon change.
A three pronged approach
Enhelix blockchain solutions for the oil and gas sector comprises of three major systems which include:
The first is the EnHelix Marketplace blockchain which capitalizes on use of smart contracts in order to substitute paper work. The second system is the Logistics blockchain which streamlines operations on billing, nomination and scheduling for the logistics companies and cargo brokers.
The final solution is the EnHelix Settlement blockchain which helps support banking and other financial services for all oil and gas energy commodity businesses. It basically tracks all payments and fees. As a result of the Houston-based specialists being so effective, they have earned interest from a number of players among them being consulting firm Flexera Global.
The company COO at Flexera who is a veteran in oil and gas technology markets recently revealed that Enhelix’s blockchain system is solution to errors linked to commodity transactions e.g. latency and data omission. He continues that with the help of EnHelix, secure transactions and permanent records help eliminate double counting errors and ownership disagreements.
