BP Tech Chief: Blockchain Could Give Company 'Competitive Advantage'

British gas and energy giant BP is pushing ahead with plans to test blockchain applications in the energy trading market.

AccessTimeIconOct 3, 2017 at 7:30 p.m. UTC
Updated Sep 13, 2021 at 6:59 a.m. UTC

Gas and energy giant BP believes that the use of blockchain could give it an competitive edge in the market, according to its technology head.

Speaking with The Financial Times, head of technology David Eyton struck an optimistic tone amidst work with fellow energy firms Wien Energie and Eni Trading & Shipping, who together with BP have been testing the tech on an energy trading platform developed by Canadian startup BTL. Following the conclusion of a successful trial earlier this year, the firms involved are said to be looking for more participants as part of a broader commercialization drive.

And while Eyton didn't say whether BP is gearing up to use blockchain on a production scale, he did point to its ability to help clear transactions – a potential boon for one of the biggest companies of its kind.

"There are uses for blockchain that could give us a competitive advantage," he told the publication. "Blockchain can be much more efficient in terms of speed and verification of transactions."

Eyton also hinted that BP might wind up applying to tech to other business processes beyond trading, indicating possible uses in the area of inter-company payments settlement in particular.

"In a big company, with lots of different corporate entities, you have to manage financial settlements and reconciliation between different parts of the business," he told the Financial Times," adding:

"A lot of that lends itself to blockchain."

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