EnHelix launches blockchain-based energy commodity trading software based on Hyperledger Fabric

EnHelix rolled out the first blockchain-based commodity trading, based on the Hyperledger Fabric, for the gas industry.

As per a press release, the new software aims to use blockchain help standardize and streamline the physical trade system, reduce frauds and risks, and accelerate payment processes.

“Our marketplace blockchain is a fit-for-purpose configurable software that works on top of major CTRM and ETRM systems with the goals of faster production blockchain trading system in weeks not years,” Jen Wang, Marketing Director of EnHelix, said.

According to CoinDesk, the initiative also aims to support every application process during online commodity trading, including risk management, trade execution, and pre-trade Know Your Customer (KYC). Using smart contracts, energy trades are faster and more organized to execute for users.

A company representative said that customer trading activities are hastened once a person links their trades to smart contracts, further noting that the broker’s reliance on informal channels to negotiate deals would soon change.

EnHelix’ new blockchain solution is composed of three major systems. The first is the EnHelix Marketplace blockchain that aims to leverage the use of smart contracts to reduce paperwork. The second is the Logistics Blockchain, which simplifies billing, nominating, and scheduling operations for logistics firms and cargo brokers.

The third is the EnHelix Settlement Blockchain that aims to provide oil and gas energy commodity businesses support for banking and other financial services by processing, auditing, and tracking all payments and fees.

Following the beta period, more than 50 companies and consulting partners have reportedly expressed their interest to explore the blockchain system of the Houston-based energy specialist.

Just recently, London-based blockchain startup Vakt signed a memorandum of understanding with essDOCS to develop a blockchain-based solution that will digitize post-trade processes in Europe’s barge market.

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