EnHelix Launches Energy Commodity Trading On Hyperledger Fabric; Reducing Risk & Increasing Speed

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.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,468FansLike
2,795FollowersFollow
4,235FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

YFI’s Andre Cronje isn’t Going Anywhere; ‘This Space Won't Get Rid of Me'

Andre Cronje, the guy behind yEarn and the popular YFI, is not leaving the cryptocurrency space any time soon, at least, “until there is...

Crypto Mom, Hester Peirce, Secures Second Term as SEC Commissioner Through 2025

The US Securities and Exchange (SEC) Commissioner Hester Peirce, aka “Crypto Mom,” has been confirmed for a second term that will last till June...

yEarn Expanding its Ecosystem to Bring in Hot DeFi Tokens into the Mix

DeFi craze continues to get hotter as the system grows. yEarn’s zero supply valueless token YFI climbed to a new high today at $5,300 and...

Bitcoin Dollar Cost Averaging From 2017 Market Peak Still Returned 61.8%

Bitcoin price remains strong, not far from hitting $12,000 yet again after the touch and go over the weekend. Interestingly, despite the fact that the...

DEX Leader Raises $11 Million in Series A Funding for Uniswap V3 Following an Explosive Month

A popular and widely used decentralized exchange (DEX) Uniswap has raised $11 million in Series A funding led by Andreessen Horowitz with additional investment...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today