Blockchain for gas transactions

SunGard coders compete to leverage Bitcoin-style technology in e-payment applications.

FIS unit SunGard, a financial software and technology specialist, reports on the ongoing operational and commercial changes occurring in the US natural gas market where midstream operators’ processes have been impacted by the development of shale reserves and the rise of gas production in regions previously underserved by gathering and transmission systems.

LNG and pipeline-based gas export is opening-up new commercial opportunities particularly with the liberalization of the Mexican market. The changes argue for the migration of operators’ IT systems to the cloud to mitigate spiraling costs and complexity.

Looking further ahead, FIS’ coders have demonstrated that blockchain technology (as used by Bitcoin) can underpin financial settlement, trading, clearing or payment against delivery. The prototype solutions competed in the 2016 FIS annual Hackathon in Singapore last month where 13 finalist teams competed against each other. The winning team used open source frameworks to embed blockchain techniques into various ‘smart’ contracts.

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