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One of the most important energy companies in the world, BP petroleum wants to expand its business by collaborating with blockchain-based start-ups. Apparently, the company is interested in different Initial Coin Offering (ICO) projects that are trying to be developed. In this way, the enterprise would test blockchain products for its business model.

BP Petroleum Test Blockchain Technology

During a Blockchain Expo that was held in London between the 18th and 19th April,  Julian Gray, Technology Director of BP said that they are ready to work with new blockchain companies and projects. 

Mr Gray commented:

“We haven’t done anything with public chains yet. But that doesn’t mean we won’t. We have done proof of concepts using tokens internally, transferring value. Would we partner with people who are doing this stuffs [ICOs] Yes, I think so. Not right now, but I wouldn’t be surprised if we did.”

The company is searching and analysing the benefits of including blockchain technology to the general business process. In this way, BP Would have a first approach with the world of cryptocurrencies and blockchain technology.

When asked by CoinDesk, Mr Grey said and explained that distributed ledger technology has a clear future and that they are interested in dealing with it.

“This technology is out the gate and it’s clearly going somewhere and at some point we will interact with it,” Gray stated.

Energy Companies Invest in Blockchain Technology

An important Austrian utility company known as Wien Energie, is also working with blockchain technology. The benefits that these new developments can bring to the the environment are incredible.

The company said that they are using the technology in one of the most known neighbourhoods in Vienna, Austria’s capital. Once they have collected enough experience, they will develop different business models and bring them as soon as possible to the market.

The energy industry in the country handles an important number of transactions. Users and the enterprise need to deal every single day with complaints form users, and payments from different places. With Blockchain technology, these aspects could be simplified, increasing the company’s efficiency.

At the same time, the government of Chile is testing blockchain technology in order to improve the technological aspects of the energy sector.

The statement released by the Comisión Nacional de Energía de Chile (CNE), reads as follows:

“Within the framework of the proposed objectives to gradually incorporate greater innovation to the energy sector, the Minister of Energy, Susana Jiménez, announced that as of today, the National Energy Commission (CNE) will begin to use Blockchain technology to increase the levels of security, integrity, traceability, and confidence of the public information available, raising the standards that certify the quality and certainty of the data that is published to and from our energy sector.”

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