Posted 2 years ago | by Ben Armstrong
EnHelix Marketplace Launches on Hyperledger Fabric
At the Gastech energy conference in Singapore, a new software based on the Hyperledger Fabric blockchain, EnHelix Marketplace, was launched for commodities trading for the gas industry.
Enhelix’s blockchain solutions for the oil and gas sector is comprised of three major systems: Marketplace, Logistics and Settlement. The global commodities market is complex, and there are numerous layers in any transaction.
According to the official description of each system, the Marketplace Blockchain is for energy and commodity firms to transact, “using smart contracts in order to reduce paperwork and reconciliation for post-trade and order operations.”
Enhelix Marketplace is Built for Commodities
According to the company, the EnHelix Logistics Blockchain is a:
“fin-tech system for all oil and gas, energy, commodity businesses to process, audit, and track all payments and fees,” that was “created for midstream, cargo brokers, and logistics companies to streamline their scheduling, nomination, and billing operations” via distributed ledgers
The software facilitates commodities trading with applications supporting every step of the process — pre-trade KYC, trade execution and post-trade risk management – while automated systems and smart contracts make these energy trades faster.
Making Trade Smoother
As an EnHelix representative noted, “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.”
Blockchain’s tech advances normally don’t align with commodity trading, where brokers still rely on informal channels to negotiate deals. However, the new software promises the flexibility and mobility needed.
The efficiencies offered by the Houston-based energy specialists have attracted interest from fifty major industry players, including consulting firm Flexera Global. Many companies are looking for improve efficiencies, and eliminate unneeded steps from a transaction.
Support from Industry
Flexera COO, David Olson, who has studied oil and gas technology markets throughout his career, observed that these types of commodity transactions have “a lot of room for errors, omissions, and latency – not to mention nefarious activity,” and EnHelix’s blockchain system addresses these areas of potential trouble.
Olson went on to comment that:
“Where there are multiple parties, that require trust and verification on a secure, permanent record that eliminates double counting and provides one accurate record of ownership or transfer details – EnHelix delivers.”
The global commodity markets and supply chain are a perfect place for blockchain to grow into a more mature technology. EnHelix will be joining other companies that see the potential for blockchain to solve transparency issues, and curb costs.