ING, SocGen to test LNG trading with blockchain in months

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Banks ING (INGA.AS) and Societe Generale (SOGN.PA) are in talks with traders to test liquefied natural gas (LNG) trading based on blockchain, the technology starting to shake up the traditional energy industry.

In February, ING and Societe Generale offered their blockchain platform to trading house Mercuria to sell an African oil cargo to China.

But so far, energy exchanges see no threat from the technology.

EEX, Europe’s largest energy exchange for electricity and gas trading, said its role of linking trading parties with each other would not be compromised….

An excerpt from Reuters