Liqvis

Wipro has implemented a blockchain-based small-scale liquefied natural gas (ssLNG) trading/fulfillment platform for Uniper Global Commodities SE and its 100% LNG-for-trucks subsidiary Liqvis GmbHUniper is a leading international energy company headquartered in Germany.

Dr Grigory Shevchenko, Senior Account Manager Gas Supply and Origination, LNG Business Development, Uniper said, “Uniper’s strength is its customer-centricity, product creation and market development. Building upon that 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.

The Wipro platform for Uniper

Uniper selected Wipro to build the blockchain platform to address the complexity of the European ssLNG market. The platform built, in collaboration with Uniper, uses a consortium model for all ssLNG market participants. Its objective is to:

  • transform the trading market space
  • produce market efficiencies
  • generate significant cost savings for traders.

As a result of the implementation, commodity flow management simplifies in a market characterised by:

  • extensive manual and paper-based transactions
  • high operational costs.

The platform implemented by Wipro involves multiple peer-to-peer trading cycle participants and enables:

  • order and supply placement
  • delivery of goods
  • validation of the state of goods
  • bill settlements.
  • The benefits to Uniper

With increased efficiency, Uniper can streamline trade by:

  • reducing turnaround time, effort and inefficiencies
  • improving scalability
  • delivering visibility, transparency and trust in all stages of LNG trade.

Strategically, it paves the way for Uniper to become the market maker for the modern supply of low-carbon alternative fuels as well as decentralised energy solutions.

Krishnakumar N Menon, Vice President – Service Transformation and Blockchain Theme Leader, Wipro Limited said: “The trading/fulfillment platform for ssLNG market leverages blockchain to simplify the LNG trade process with greater efficiency, transparency and security.  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.”

Wipro and blockchain

Wipro implements blockchain technology for its clients. In addition, it provides strategic advisory and consulting services about blockchain – which it combines with a portfolio of industry solutions, platforms and patents paired with an ecosystem of:

  • technology partners
  • consortia
  • industry regulatory bodies
  • academia.

Bu investing blockchain, Wipro has committed to creating blockchain communities and developing blockchain talent. It then leverages these to build on its technology expertise across multiple leading blockchain platforms, which include:

Enterprise Times: what does this mean

Uniper has some 11,000+ employees and activities in more than 40 countries. With some 34GW of installed generation capacity, Uniper is among the larger power generator with a diversified gas portfolio and gas sales in 2019 of c 220 bcm. Under a new strategy, Uniper aims to become carbon-neutral in Europe by 2035 – and it believes that exploiting blockchain can materially assist its progress.

This Small Scale LNG blockchain platform support Uniper’s initiative to promote LNG as an advanced and environmentally friendly fuel alternative. It does this because the platform helps Uniper’s LNG-for-trucks subsidiary Liqvis ensure LNG is always available when and where it is needed combined with price security (because of Uniper’s long-term LNG supply contracts and supply chain).

Wipro and Uniper cast this blockchain implementation is terms of a landmark partnership – because it:

  • modernises the Uniper trading platform
  • reduces operational friction
  • improves process efficiency
  • simplifies settlements in business processes.

Enterprise Times will be interested to find out, if this is ever commented upon, whether it is blockchain which delivers such improvements or having to rethink the business model for blockchain (rather than the technologies themselves) which makes the difference.

(Excerpt) Read more Here | 2020-08-27 07:00:00
Image credit: source

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