The UK-based BP petroleum company plans to establish collaborations with blockchain-based startups that manage ICO (Initial Coin Offering) projects. The company also tested cryptocurrency within the company, according to an official.
During the Blockchain Expo event, held in London, the Technology Director for BP, Julian Gray, explained that non-financial companies are more willing to design new blockchain-based projects than their financial competitors.
“We haven’t done anything with public chains yet. But that doesn’t mean we won’t. We have done proof of concepts using tokens internally, transferring value,” added Gray.
Gray mentioned that the company’s internal management requires some key changes. However, there are a few people who understand the benefits of blockchain technology that may improve the BP’s public system.
The technology director has fixed ideas. His department is ready to work with blockchain startups that have some experience with ICO projects.
“Would we partner with people who are doing this stuff? Yes, I think so. Not right now, but I wouldn’t be surprised if we did,” he said.
Lewis Cohen, a partner at Hogan Lovells, was surprised and delighted with the petroleum company’s decisions. He believes the financial industry is placed too much in opposition to blockchain and ICO projects. Together with secure partners, a company can play successfully in the digital industry.
“This technology is out the gate and it’s clearly going somewhere and at some point we will interact with it,” Gray stated. Being asked by CoinDesk, Julian Grey said that he would not join those who compared ICO projects with something “terrible”, being an aspect that he wanted to accomplish for a long time.