Applied Blockchain Ltd has secured investments from Shell Trading International Ltd and Calibrate Partners LLP.
Founded in 2015, Applied Blockchain develop blockchain applications which are a digitised, decentralised public ledger of all cryptocurrency transactions. The start-up company grew through 20 successful clients in two years, which include global players in banking, automotive, telecoms, aviation and manufacturing. However, this agreement marks their first entry into the energy industry. They have been featured in Gartner’s 2017 ‘Market Guide for Blockchain Consulting and Proof-of-Concept Development Services’ report.
Shell selected Applied Blockchain as their winner of a development competition for Shell’s downstream business. The funding provided will be used to accelerate growth, development and launch new technologies for private, consortium and interchain business blockchain networks.
Adi Ben-Ari, Founder and CEO at Applied Blockchain said:
“Our experience as one of the earliest companies delivering blockchain solutions into production for both start-ups and corporates has provided us with a unique perspective on the value, and challenges, associated with the technology in the real world. The investments and partnerships will accelerate our growth and enable us to deploy our solutions to a truly global business ecosystem.”
Johan Krebbers, Chief Technology Officer for IT at Shell Global Solutions International added:
“Blockchain applications have huge potential to shake up how we do things in the energy industry from streamlining process, to simplifying how we work with our suppliers and serve our customers. Investing in Applied Blockchain is part of our commitment to use digitalisation to create value in our core business and develop new business models.”
Remy Kesrouani, Fund Manager and Partner at Calibrate, who also participated in the investment round, said:
“We believe in the long-term promise and process innovation that blockchain brings and believe Applied Blockchain is strategically positioned to lead in this space. We are particularly excited to partner with Shell and Applied Blockchain to innovate in commodity trading.”