Shell Sees Opportunities in Blockchain Technology
- Shell blockchain tech lead Sabine Brink mentions several possible use cases.
- Shell is also using the EW Chain, created by the Energy Web Foundation (EWF), in their production environment.
Illustration of the Shell logo as the sun rising over windmills and solar panels. Sarah Grillo/Axios
The hidden possibilities of cryptocurrency and Bitcoin in particular were unknown to the world 10 years ago. Nowadays, global corporations from various business sectors are interested in blockchain technology. It seems the next corporation to embrace this technology is Shell, the world’s 9th largest company. While private blockchain incorporation is popular for some time now, public blockchain usage is a rather new trend in the enterprise sector.
The business world was mainly centralized in nature before the recent development of cryptocurrency led to the popularization of decentralization and it seems that Shell sees potential in this shift away from centralization. Sabine Brink, Shell’s blockchain tech lead made their views clear:
“In general, decentralized technologies like blockchain create the opportunity to have a different view on the way we deal with data and algorithms. In a global energy system which must urgently decarbonize, we’ll see a move from centralized generation to distributed renewable assets. Blockchain technology could help manage this complex and decentralizing system by allowing customers to manage their own data, monetize their flexibility and automate the transactions needed to keep the lights on.”
Shell established a whole division with a task to navigate potential applications of the blockchain technology back in 2017. As Brink explained:
“Blockchain and AI are important emerging technologies in Shell. That’s why we have a dedicated team working on realizing the potential of the technology throughout Shell globally.”
In a statement from June 19, 2019 the Energy Web Foundation (EWF) announced the “the world’s first public, open-source, enterprise-grade blockchain tailored to the energy sector.” At the moment, the “Energy Web Chain”, also known as “EW Chain”, is advertised by more than 10 EWF affiliates who help run the network as validators.
As Brink noted, the affiliation between Shell and EWF is not something new, as they’ve been involved since EWF’s dawn:
“As one of the first affiliates of EWF, of course we are delighted that the chain is live. It’s a huge accomplishment which we are proud to be part of. It also means we will be able to use the chain in the production environment.”
Sabine Brink explained that Shell is observing several use cases that are in the area of mobility, digital twins and renewable energy, but “these use cases are in different stages of maturity.”
Shell recently announced their intentions to invest in LO3 Energy. The startup applies blockchain in improving the energy marketplace by enhancing it and including tracking clarity.
- The European Parliament said crypto assets must be subject to “fair, transparent and effective taxation”, and called for simplified tax treatment for small transactions.
- The resolution, which passed with an overwhelming majority, also recommends the use of blockchain technology as it can “facilitate efficient tax collection”.
The Louise Weiss building, official seat of the European Parliament, Strasbourg, France, 13 September 2019. olrat/Shutterstock
- The exchange has signed a memorandum of understanding with the South Korean city to help it develop its blockchain ecosystem, and promote crypto adoption in the area.
- Binance has agreed to provide Busan with technological and infrastructure support, as well promote its Busan Digital Asset Exchange.
- Clients of the Fortune 500 company will now gain access to a self-custody digital asset wallet technology, as well as tools for staking and DeFi.
- Partnering with FIS brings Fireblocks’ technology to “nearly every type” of buy-side, sell-side, and corporate institution in traditional assets.