Eleox’s Distributed Ledger Technology Revolutionizes Natural Gas Trading for Leading Energy Companies

Eleox LLC (“Eleox”) has proudly announced the successful implementation of its distributed ledger technology (“DLT”) and smart contracts for six of its client members in the natural gas trading sector.

bp, Castleton Commodities International (CCI), Koch Energy Services, Macquarie, Mercuria Energy America, and Shell Energy North America (US), L.P., have become the initial users of “Ox Pair,” one of Eleox’s digitized post-trade software solutions launched this year.

Ox Pair facilitates secure and instantaneous digital trade confirmations among customers. This cutting-edge DLT technology offers real-time matching of trade details and identifies any inconsistencies between counterparties’ energy trading risk management (“ETRM”) systems. Once trades are confirmed, they are recorded on each customer’s private, permissioned distributed ledger, creating legally binding trade confirmations.

Matthew Almy, CEO of Eleox, expressed gratitude for the invaluable feedback and testing provided by the industry’s leading companies, stating, “We have a distinct advantage in that six leading companies in the industry are giving us constant testing and feedback to perfect products that will transform the post-trade process. Without their invaluable input, we would not have been able to launch our first DLT product within 12 months of starting our development.”

Representatives from Shell and bp echoed their satisfaction with the digital transformation:

Orlando Alvarez, head of gas and power trading Americas at bp, said, “The immediate benefit of digital efficiencies and decreased operational costs are key drivers for us. Eleox’s end-to-end processing from Ox Pair confirmations through digitized nominations and invoicing will be a value-add for our business.”

Carolyn Comer, President of Shell Energy North America, LLC, emphasized the significance of Shell’s participation in Eleox’s platform, stating, “Shell’s go-live on Eleox’s platform is an important milestone in our pursuit of innovation and digitization in our trading business. We are excited to participate in the development of the products Eleox launches this year.”