Financial services company TMX Group, in collaboration with digital infrastructure provider Nuco, has developed a blockchain-based prototype in a move to enhance the tracking of natural gas flows at delivery locations in the United States.
The blockchain prototype to power a new service offering from Natural Gas Exchange (NGX) is designed to optimize its gas settlement process for clients by offering a transparent view of gas movements across locations.
“We gained valuable experience working with Nuco to leverage their DLT capabilities in deploying a customized solution for NGX's business. The ability to efficiently develop and produce innovative prototypes will prove to be a differentiator for TMX as we strive to deliver new, transformative solutions for our clients,” John Lee, Vice-President, Innovation and Enterprise Delivery, TMX Group, said.
The NGX use case for the blockchain prototype has the potential to improvise delivery and payment processing, mitigate the risk and expedite remediation of, supply shortfalls, and offer safe and secure transactional data.
“This exciting new prototype is designed to more accurately and efficiently track activity and provide clients with valuable analytics on natural gas movements, while preserving the confidentiality and integrity of the data,” Steve Lappin, President and CEO, NGX, said.
