[2017-03-10] BS: ING, SocGen to test LNG trading with blockchain in months

[polynesia]

ING, SocGen to test LNG trading with blockchain in months

http://www.business-standard.com/article/reuters/exclusive-ing-socgen-to-test-lng-trading-with-blockchain-in-months-117031000073_1.html

Banks ING and Societe Generale are in talks with traders to test liquefied natural gas (LNG) trading based on blockchain, the technology starting to shake up the traditional energy industry.

Blockchain, which originates from digital currency bitcoin, works as an electronic transaction-processing and record-keeping system that allows all parties to track information through a secure network, with no need for third-party verification.

While established energy suppliers and traders will continue operating as they are for the foreseeable future, blockchain is starting to break into the power market, nudging the status quo in an industry that has been slow to modernise.