Chief of BP May Use Blockchain Technology

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BP bitcoin

The Gas and Energy giant BP has stated recently that using bitcoin may give them a competitive advantage in the market according to their head of technology.

The head of technology for the company, David Eyton spoke openly about his optimistic opinion regarding the currency and whether or not their fellow energy firms Wien Energie and Eni Trading & Shipping may begin to use blockchain technology. The technology has recently been in development buy a company named BTL out of Canada. After a series of successful trials earlier this year, the firm is looking for as many participants as they can find to continue building the technology.

Eyton did not explicitly say that they are going to begin using the technology on a large scale, but he did however state that it has the potential to give them a large opportunity in the market.

Eyton stated that “there are uses for blockchain that could give us a competitive advantage. Blockchain can be much more efficient in terms of speed and verification of transactions.”

The head of tech also stated that they may use the technology for other aspects of their business including settling payments and so on. He further stated that “in a big company, with lots of different corporate entities, you have to manage financial settlements and reconciliation between different parts of the business. A lot of that lends itself to blockchain.”

Given that this technology is relatively new, many are finding new ways to employ it in their businesses. The technology of blockchain has been all over the news as large companies are beginning to use it to their advantage and additionally have found ways to use bitcoin and those programs that run off of blockchain to their advantage as well. Hopefully it will continue to find its place in the world economy and build upon its full potential.

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