TMX Group announced Wednesday the development of a blockchain-based prototype to power a new service offering from Natural Gas Exchange (NGX), a wholly-owned subsidiary of TMX Group.
NGX collaborated with Nuco Inc., a digital infrastructure provider, to build a new system using Distributed Ledger Technology (DLT) to improve the tracking of natural gas flows at delivery locations in the United States.
The prototype is designed to optimize the NGX natural gas settlement process for clients by providing a transparent view of gas movements across locations and enabling participants to more accurately report their positions, according to TMX Group.
The NGX use case for the prototype also has the potential to enhance delivery and payment processing, mitigate the risk of, and expedite remediation of, supply shortfalls, and provide secure transactional data.
“NGX is committed to seeking out new ways to improve the client experience throughout the transaction delivery and settlement process, from production to end user, to drive growth in our business,” said Steve Lappin, President and CEO, NGX. “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.”
