BP are one of the world’s leading oil and gas companies and it is is no secret that blockchain technology has the potential to drastically improve this industry. In a recent talk at Blockchain Summit London, Manish Naik, of BP declared, “Blockchain a slam dunk for BP” at the Blockchain Summit London event.

BP on blockchain

BP first appeared in tnews relating to blockchain in late 2017, when it was announced that together with Shell they were planning a blockchain-based energy exchange/trading platform.

The exchange would enable the trustless trading of energy commodities via an exchange which was recorded on the blockchain. This would eliminate and issues over ownership while also reducing costs to energy companies.

“Ideally, it would help to eliminate any confusion over ownership of a cargo and potentially help to make managing risk more exact if there are accurate timestamps to each part of the trade,” Edward Bell of Emirates NBD PJSC.

The exchange is in the process of seeking regulatory approval and it was initially intended to be launched by the end of 2018.

Blockchain a slam dunk for  BP

Manish Naik who leads the digital innovation team at BP, was in attendance at the blockchain summit event in London. Manish Naik was discussing “where blockchain will have the most impact”. A number of different sectors were debated including the insurance markets, travel markets and the energy markets.

Manish explained how blockchain technology will drastically reduce costs for energy providers and consumers. Blockchain technology will provide certainty in the ownership of energy and while Naik did not state how or if blockchain will be used by BP he did declare “blockchain a slam dunk for BP”, insinuating that BP will almost certainly be using blockchain technology in the near future. There was a number of other representatives from some huge firm which we will also update you on shortly. Don’t forgot to join our Telegram channel to follow our cryptocurrency fund and get live updates on new stories.