EXCLUSIVE: ING, SocGen to test LNG trading with blockchain in months

  • LONDON/FRANKFURT (Reuters) – 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.
  • 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.
  • The banks said their blockchain platform helped Mercuria reduce some processes from three hours to 25 minutes and make cost savings of up to 30 percent, supporting the case for expansion into LNG, natural gas converted to liquid form for easier storage or transport.
  • Omar Rahim, a former energy trader at big utilities, founded Energi Mine in January to develop a blockchain-based trading platform linking big energy users with battery storage to buy electricity at the cheapest times.
  • EEX, Europe’s largest energy exchange for electricity and gas trading, said its role of linking trading parties with each other would not be compromised.

LONDON/FRANKFURT (Reuters) – 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
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Singapore to launch blockchain project for interbank payments

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‘Singapore to launch blockchain project for interbank payments’ on Yahoo India Finance. Singapore’s central bank on Wednesday said it will launch a pilot project with the country’s stock exchange and eight local and foreign banks to use blockchain technology for interbank payments including cross-border foreign currency transactions. “Under the pilot system banks will deposit cash as collateral with the MAS in exchange for MAS-issued digital currency,” Menon said.
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Banks adopting blockchain ‘dramatically faster’ than expected: IBM

  • Banks adopting blockchain ‘dramatically faster’ than expected: IBM
  • “2017 looks to be the year banking on blockchains shifts from zero to sixty.”
  • LONDON (Reuters) – Banks and other financial institutions are adopting blockchain technology “dramatically faster” than initially expected, with 15 percent of top global banks intending to roll out full-scale, commercial blockchain products in 2017, IBM said on Wednesday.
  • “The industry is hurtling toward blockchain adoption far faster than many expected,” IBM said in its report.
  • “First movers are setting business standards and creating new models that will be used by future adopters of blockchain technology,” said IBM Banking and Financial Markets general manager Likhit Wagle.

By Jemima Kelly LONDON (Reuters) – Banks and other financial institutions are adopting blockchain technology “dramatically faster” than initially expected, with 15 percent of top global banks intending to roll out full-scale, commercial blockchain products in 2017, IBM said on Wednesday.
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Banks adopting blockchain ‘dramatically faster’ than expected

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‘Banks adopting blockchain ‘dramatically faster’ than expected – IBM’ on Yahoo Finance UK. Banks and other financial institutions are adopting blockchain technology “dramatically faster” than initially expected, with 15 percent of top global banks intending to roll out full-scale, commercial blockchain products in 2017, IBM said on Wednesday. The technology company said 65 percent of banks expected to have blockchain projects in production in three years’ time, with larger banks – those with more than 100,000 employees – leading the charge. 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.
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