Currently, wholesale energy trading and settlement is managed manually and bilaterally, meaning that both counterparties set and execute contracts, and verify and reconcile any discrepancies, often multiple times, by emails or fax. Additionally, companies need to transact with various intermediaries (such as brokers or banks) and maintain their own internal manual processes, systems, and controls to ensure an accurate view of transaction data throughout the transaction life cycle. This complex process, results in high transaction costs (from exchanges, brokers, etc.) and high operational costs (time-consuming reconciliation issues, costly back office processes, and more).

Using blockchain, Clear is building a unified settlement platform that will provide all parties a safe and fast way to approve, clear and resolve disputes automatically, while maintaining control, privacy and a high level of assurance.

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