TORONTO, May 24 (Reuters) - TMX Group Ltd, Canada's biggest stock exchange operator, said on Wednesday it had developed a blockchain-based service to track the flow of deliveries on its Natural Gas Exchange.
The company said the prototype will allow customers to track the movement of gas supplies at delivery locations in the United States, aiding in transparency and allowing market participants to more accurately report their positions.
Banks and commodity traders across the world are actively exploring potential uses for blockchain, the technology first developed for the crypto-currency bitcoin, in the hopes its distributed ledger technology can cut costs and reduce paperwork.
TMX developed the service in partnership with Nuco Inc, which builds custom blockchain networks for businesses. (Reporting by Alastair Sharp)