EnergyFunders, an online marketplace connecting investors to oil and gas projects, announced on Friday it will unveil its very own version of a blockchain technology platform by the end of February 2018, with a later planned secondary market. According to EnergyFunders, the new blockchain technology is claimed to be the first to market in the energy investment sector. The marketplace’s proprietary technology will enhance the experience of both energy investors and energy operators on Energyfunders’ platform.
“Traditionally, trading, selling and purchasing energy assets and ownership interests has been a time-consuming process requiring lengthy title searches, due diligence, and many requests for information. With the introduction of EnergyFunders’ blockchain technology, transactions can be authenticated and ultimately settled using smart contracts that engage in predefined commercial actions according to criteria required by the transaction. Moreover, relevant information is easily stored, retrieved, and correlated with assets. Ultimately, expensive and time-consuming asset transfer transactions become streamlined with large attendant reductions in cost and time.”
Aalok Shah, CTO of EnergyFunders, then stated:
“In addition to enabling ground-level access to opportunities for investors, our blockchain technology will offer a new, critical transparency along with greatly reduced transaction times compared to traditional transactions.”
Additional benefits of EnergyFunders’ blockchain technology for investors and fundraisers will include:
- Efficiency and Optimization: Bringing liquidity to an illiquid energy market; allowing transactions to occur more safely and quickly, and opening up a secondary market.
- Accountability: Providing immutability and transparency for transactions, creating an audit trail for investors and regulation compliance.
- Enhanced security: Securing via unbreakable cryptography all relevant details of each transaction, which are independent, cryptographically verified.
EnergyFunders added its blockchain technology anticipates broadening the energy investment market to include all legally permitted users around the world with built-in regulatory and legal compliance as appropriate for each user’s country of residence.