Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting, and business process services company, today announced the successful implementation of 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 GmbH. Uniper SE is a leading international energy company headquartered in Germany.
The platform built in collaboration with Uniper utilizes a consortium model for all ssLNG market participants to help transform the trading market space resulting in market efficiencies and significant cost savings for traders.
Uniper selected Wipro to build the blockchain platform to address the complexity of the European ssLNG market. As a result of the implementation, commodity flow management is simplified in a market characterized by extensive manual and paper-based transactions and high operational cost. The platform implemented by Wipro 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 further 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. Strategically, it paves the way for Uniper to become the market maker for low-carbon modern supply of alternative fuels and decentralized energy solutions.
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.”
Sarat Chand, Vice President and EMEA Utilities Business Head, Wipro Limited said, “We are delighted to build and implement the Small Scale LNG blockchain platform for Uniper and support their initiative to promote LNG as an advanced and environmentally friendly fuel alternative. The platform helps Uniper’s LNG-for-trucks subsidiary Liqvis ensure that LNG is always available when and where it is needed and achieve price security through Uniper’s long-term LNG supply contracts and seamless supply chain execution. This is a landmark partnership between Wipro and Uniper. Our Utilities ETRM business competency combined with industry leading blockchain expertise has enabled Uniper to modernize its trading platform, reduce friction, improve process efficiency and simplify settlements in business processes.”
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 is a recognized leader in implementing blockchain technology for its clients, providing strategic advisory and consulting services combined with a strong portfolio of industry solutions, platforms and patents paired with an ecosystem of technology partners, consortia, industry regulatory bodies, and academia. Wipro is committed to creating strong blockchain communities while developing talent for building extensive technology expertise across multiple leading blockchain platforms such as Hyperledger Fabric, Etherum, Quorum, Corda, Multichain, Hyperledger Indy and Hyperledger Sawtooth. The company 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.