Snam becomes world’s first network operator to manage blockchain transactions
By Trend
Italy’s Snam company has become the world’s first network operator to manage blockchain transactions, Trend reports citing the company.
Snam said it has managed, for the first time in the sector
globally, bilateral transactions for the purchase and sale of
natural gas based on blockchain technology.
The transactions took place starting from Tuesday 17 December on
the Virtual Trading Point (PSV), the Italian gas Trading Hub
managed by Snam as the national transmission system operator, and
involved two users (Axpo Italia and Sorgenia).
“The experimentation, which will continue in 2020, aims to exploit
the advantages in terms of immutability, security and transparency
of the data guaranteed by the blockchain and more generally by the
so-called "Distributed Ledger" technologies, ie systems that are
based on a distributed ledger, also contributing to make
interactions between users simpler and more immediate thanks to
machine-to-machine transactions developed through smart contracts
and algorithmic trading,” said the company.
In the future, moreover, these technologies will be able to support
the development of renewable gases by facilitating the tracking of
energy sources and flows, thus optimizing their production and
consumption. The blockchain-based platform is owned by Snam and was
developed in collaboration with the Italian startup Mangrovia. Snam
has collaborated with Axpo Italia and Sorgenia in defining the
requirements and testing the technology.
As part of the €6.5 billion investment plan by 2023, Snam plans
€1.4 billion dedicated to SnamTec, from innovation to new energy
transition businesses.
---
Follow us on Twitter @AzerNewsAz
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!