EnHelix recently unveiled new software based on the Hyperledger Fabric blockchain intended for commodities trading for the oil and gas sector. According to a report by CoinDesk, the solution provides a marketplace for fuel commodity trading and logistics management.
The EnHelix marketplace was unveiled during the Gastech energy conference which took place in Singapore, as reported by its representatives. The solution will facilitate commodities trading with applications that support the process in every step, from pre-trade KYC (know-your-customer) protocols to trade execution and post-trade risk management. The automated system and smart contracts will speed up trades and streamline transactions for users.
“When you encapsulate commodity trades in blockchain smart contracts, you essentially increase the speed of your trading activities, avoid data reconciliations and messy data interfaces,” an EnHelix representative said in the report.
According to the representative, commodities brokers tend to rely on informal channels such as personal messages in order to negotiate deals. This solution will offer the flexibility and mobility necessary for brokers.
Enhelix’s blockchain solutions for the oil and gas industry offer three main functionalities: Marketplace, Logistics, and Settlement. The Marketplace allows energy and commodity firms to transact “using smart contracts in order to reduce paperwork and reconciliation for post-trade and order operations.”
EnHelix’s Logistics solution was “created for midstream, cargo brokers, and logistics companies to streamline their scheduling, nomination, and billing operations” on a blockchain. Meanwhile, the EnHelix Settlement system is a “fin-tech system for all oil and gas, energy, commodity businesses to process, audit, and track all payments and fees.”
So far, over 50 entities have joined as members to further explore the EnHelix blockchain trading system.
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