Other members of the consortium include Gunvor, Koch Supply & Trading and Mercuria as well as ABN Amro, ING and Societe Generale.
The new venture seeks to create a secure, real-time blockchain-based digital platform to manage energy transactions from trade entry to final settlement.
The intent is to move away from traditional paper contracts and documentation to secure, smart contracts.
The firms state: “The platform aims to reduce administrative operational risks and costs of physical energy trading and improve the reliability and efficiency of backend trading operations for all supply chain users, while also opening the door to innovative funding and financing solutions.”
The platform is expected to be operational by the end of 2018.