The stock of BP plc (ADR) (NYSE:BP) closed at $ 43.53 gaining 2.06% in yesterday’s trading session. It was on Wednesday that an executive working with BP came out to outline that they were considering striking a partnership with blockchain startups focused on initial coin offerings. He delved deeper into the matter to disclose that they had already tested tokens internally.
It was at the Blockchain Expo in London that the technology director for BP’s digital innovation organization, Julian Gray proceeded to speak about the latest developments. Apparently he was voicing a common theme in line with the non-financial enterprises. According to him, these were more accommodating of the open blockchain innovation than was the case with the rest of the financial services counterparts.
Gray attests to the fact that so far they haven’t been able to do anything substantial with the public chains. However, he cleared the air surrounding the matter by outlining that it did not rule out the fact that they could do it at some point. He went further to state that time and again they had undertaken the proof of concepts using tokens internally and transferring value.
Gray believes there is much that needs to be done inside BP in terms of providing education. However, there are a number of people at the company which was earlier called British petroleum who are of the perspective that the blockchains are a “hacker territory.”
He agrees that indeed his own innovation department is funded in a robust way and he remains open to striking alliances with any of the interested parties that might be willing to walk the ICO route. Despite Gray making this particular assertion, it is important to also outline that he had come out clearly to state that they were not going to do it right away.
Lewis Cohen, who happens to be the session moderator of the Hogan Lovells said that he found it quite interesting that a person from a company like BP could move ahead to speak out about such a matter and in that particular line.