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Energy majors BP, Shell and Statoil are to co-develop a blockchain-based digital platform for energy trading, Platts reports.

The investor group, which includes trading houses Gunvor, Koch Supply & Trading, and Mercuria, plus banks ABN Amro, ING and Societe Generale, aims to “modernize and transform post-transaction management of physical energy commodities trading,” the companies said in a joint statement Monday.

The platform is to be managed and operated as an independent entity. It is expected to be operational by the end of 2018. The goal is to create a secure, real-time blockchain-based digital platform to manage physical energy transactions from trade entry to final settlement.

The platform should reduce administrative operational risks and costs of physical energy trading. Over time, the venture intends to lead the migration of all forms of energy transaction data to the blockchain, the companies said. Blockchain is a digital ledger initially designed to record transactions using the Bitcoin crypto-currency.