Wipro has announced the successful implementation of a blockchain-based small-scale liquefied natural gas (ssLNG) trading platform for Uniper Global Commodities and its subsidiary Liqvis.

The platform utilises a consortium model for all ssLNG market participants, resulting in market efficiencies and significant cost savings for traders.

As a result of the implementation, commodity flow management is simplified in a market characterised by extensive manual and paper-based transactions and high operational cost.

The platform involves multiple peer-to-peer trading cycle participants, enables order and supply placement, delivery of goods, validation of the state of goods and bill settlements. It helps Uniper streamline trade by reducing turnaround time, effort and inefficiencies, enables scalability and brings visibility, transparency and trust in all stages of LNG trade.

Grigory Shevchenko, senior account manager for gas supply and origination at Uniper, said: “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."

Sarat Chand, vice president and EMEA utilities business head at Wipro, added: “This is a landmark partnership - our utilities business competency combined with industry leading blockchain expertise has enabled Uniper to modernise its trading platform, reduce friction, improve process efficiency and simplify settlements in business processes.”

Wipro is also involved in a number of distributed ledger technology consortia and alliances, including the Hyperledger project, the Ethereum Enterprise Alliance, the Energy Web Foundation and the Blockchain in Transport Alliance.

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