Shell Buys a Stake in Applied Blockchain Company

After backing a Blockchain-based trading platform last year, now Shell has gone a step further into what’s possibly the hottest tech segment right now, scooping up a minority stake in a startup dubbed Applied Blockchain.

Applied Blockchain has been around for three years now, and has clients from the banking, telecoms, carmaking, manufacturing, and aerospace industries. This is the company’s entry into energy.

The size of the deal was not disclosed.

Blockchain is making its way into oil and gas slowly but surely. Last November, media reported that a consortium involving Shell, BP, and Statoil is working on the development of a blockchain-based energy commodity trading platform, along with three large commodity traders—Gunvor, Koch Supply & Trading, and Mercuria, Reuters reports, citing the consortium. Source