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Young Tech Enterprises

Shell invests in blockchain startup

The oil company has purchased shares in the young London-based company Applied Blockchain. Smart contracts could be the future of energy trading.

04 Feb. 2018
Roland Freist
HMI-ID01-076rf_Shell
Shell invests in blockchain startup (Foto Shell)

Multinational oil company Shell and London-based holding company Calibrate Partners have acquired a minority stake in the Applied Blockchain startup, as the company has announced on its website. Founded in 2015, the company develops blockchain applications with smart contracts, which enable the technical execution of contracts and contract content. Until now, their customers came from the financial, telecommunications, automotive and aviation industries, as well as from the manufacturing sector. Shell is now the first customer from the energy sector

and looks to simplify and digitize collaboration with customers and suppliers with blockchain technology. Last November, the company joined forces with BP to form a consortium for the development of a digital platform for trading with energy products based on blockchain technology. A launch is expected at the end of 2018. The consortium also includes Norwegian oil and gas group Statoil , trading companies Gunvor , Koch Supply & Trading and Mercuria and banks ABN Amro, ING and Société Générale.