Blockchain technology is no longer limited to innovative startups with grand intentions of changing the world. Massive multinationals are also looking to use the technology to improve their operations and boost productivity. The latest in the lineup to get on board the blockchain train is petro corporation Shell.
According to industry portal OilPrice, the energy giant has bought up a minority share in Gartner-listed startup Applied Blockchain. Details of the deal have yet to be disclosed, but the move will enable the London startup to help Shell explore how the technology might be applied to its business.
Operating for around three years now, Applied Blockchain has clients from the banking, telecoms, carmaking, manufacturing, and aerospace industries. This its first foray into energy. The technology is slowly entering into the energy sector with, according to Reuters, a consortium involving Shell, BP, and Statoil already working on the development of a blockchain-based energy commodity trading platform.
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