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Natural Gas Pegged for Next ING, SocGen Blockchain Test

Two European banks are already planning a follow-up to a blockchain supply chain test announced in February.

By Pete Rizzo
AccessTimeIconMar 13, 2017 at 11:02 a.m. UTC
Updated Sep 11, 2021 at 1:09 p.m. UTC
gas, oil
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Dutch financial services giant ING and French banking group Société Générale are planning a follow-up to a recent trial that saw the firms examine how blockchain could create efficiencies in the oil trading supply chain.

According to Reuters, the two banks are now seeking to partner with firms dealing in liquified natural gas (LNG) for a further trial. The move follows the institutions' work with Swiss commodity trading group Mercuria, first revealed in late February.

ING told the news source that it is talking to companies active in the LNG market, though it did not provide details on the expected date of any tests, or about the technology to be used.

The news comes amid increasing interest in applications of blockchain tech in supply chains, with companies including BHP Billiton, Foxconn, Microsoft and IBM recently revealing initiatives.

Oil and natural gas platform image via Shutterstock

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