Global energy leader Uranium One and distributed ledger technology company Insolar are pleased to announce a joint research initiative to explore opportunities for blockchain deployment on the main pillars of the ecosystem. energy and uranium transactions worldwide. This partnership represents a major milestone in realizing Insolar’s broader goal of energizing all non-exchange-traded, traded commodity markets. translates more than 380 billion dollars per year.
The two companies will focus on the uranium industry, which is expected to increase demand from 67,600 tons per year to 84,850 tons per year over the next decade. The industry is an ideal candidate for Insolar’s distributed ledger (DLT) technology because of its global size and influence, as well as because uranium trading is still done manually with Cross-border non-standard contracts and require tedious legal review. Furthermore, the production and distribution of uranium requires complex coordination and agreement between many different parties that can be streamlined, transparent and reliable using DLT.
In addition to partnering with Uranium One, Insolar will research more generic blockchain applications for all non-exchange commodity markets. These markets are the way the majority of commodities, like iron ore, are traded today, and they are naturally decentralized without intermediaries, making DLT the next step in their evolution. . Insolar forecasts that its platform can shorten the OTC transaction cycle from months to weeks, reduce transaction costs by 40%, or billions of dollars per year (perhaps even tens of billions). .
“OTC commodity trading is a picture-perfect use case for DLT. This is a huge market with outdated manual processes, complex multi-party negotiations, and no intermediary exchanges. The partnership with Uranium One, an industry leader, will demonstrate the enormous potential of solutions that bring commodity trading to the future while dramatically reducing our costs and saving our time. ” Said Wilfred Ruijsch, Senior Enterprise Project Manager at Insolar.
As a diversified energy company, with one of the largest uranium production operations in the world, Uranium One sought a reliable research partner with a mature background that could ensure security, compliance player and reliability while providing transparency and promise of blockchain technology. Insolar and technology Assured Ledger focus on next generation business is the natural choice.
“We are exploring the potential that the deployment of new technologies can offer in our very specific areas of activity,” said Fletcher Newton, President of Uranium One Americas Inc. said. “We are full of hope for the implementation of these new technologies, although we note that in such a traditional market there are reputable and enduring ways of doing business. Care must be taken in considering the use of such new technologies ”.
Insolar is a leading innovator in DLT technology worldwide with a vision of enabling a new, open, connected and collaborative world. Insolar’s patent-pending Assured LedgerTM technology helps businesses ensure consistent, transparent and secure data exchange. Leading businesses, including Fortune Global 500 companies choose Insolar to help them build innovative products based on Assured LedgerTM. The Insolar team consists of 80 people from all over North America and Europe and has a unique blend of core technical talent and blue-chip business expertise.
For more information visit: www.insolar.io
Introducing Uranium One
Uranium One is a global energy company and one of the largest uranium producers in the world, with a diverse portfolio of assets worldwide, including in Kazakhstan, the United States, Tanzania, and elsewhere.