Oil is the Last Frontier for Blockchain; IBM, Venezuela

Oil is the Last Frontier for Blockchain; IBM, Venezuela

Although crude oil is trading near 2018 lows, it seems black gold companies and organisations are watching the Blockchain technology as a way to upgrade and make more efficient their businesses. IBM, Abu Dhabi, and Venezuela are samples of that.

IBM and Abu Dhabi develop a blockchain supply chain system

The United Arab Emirates-based Abu Dhabi National Oil Company, ADNOC, and IBM have developed a pilot blockchain supply chain system for its oil and gas businesses, according to a press release published by the ADNOC.

The project provides a single platform that tracks the volume and financial values of each transaction, and it applies the information in automated accounting software.

According to ADNOC press release, “using Blockchain technology will reduce the time it takes to execute transactions between ADNOC’s operating companies and significantly increase operational efficiencies across its full value chain.”

“It will also improve the reliability of production data by enabling greater transparency in transactions,” adds the announcement.

ADNOC Digital Unit Manager, Abdul Nasser Al Mughairbi, stated that “this could be the first application of blockchain in oil and gas production,” in the World Energy Capital Assembly in London this weekend.

“Blockchain is a game-changer,” Al Mughairbi also said in the conference. “It will substantially reduce our operating costs by eliminating time-consuming and labour-intensive processes, strengthen the marketing and trading of our products, and create long-term sustainable value.”

It is “a massive leap forward in asset provenance and asset financials,” stated IBM’s Chemicals and Petroleum Solutions VP, Zahid Habib. The system claims to be an irrefutable track for every module of oil, its value, and customers.

“This unlocks the potential to digitally reinvent ADNOC’s hydrocarbon value chain,” concluded Habib.

Last week, VAKT, an oil-trading blockchain platform, was launched to a group of crude oil industry companies such as Equinox, BP, Gunvor, Shell and Mercuria. It will be available for the public in 2019.

VAKT is based on JPMorgan’s Quorum blockchain technology to work in the physically traded BFOET crude oil business.

“VAKT has created a secure, real-time blockchain-based digital platform, working with global software consultancy ThoughtWorks and underpinned by JPMorgan’s Quorum private distributed ledger,” said the press release. “The platform manages physical energy transactions from trade entry to final settlement, eliminating reconciliation and paper-based processes.”

Venezuela to use crypto coin Petro to sell oil and stop Dollar dependence

Nicolas Maduro, Venezuela’s president, said the South American country would start selling oil in its cryptocurrency Petro in 2019 as a measure to build up economic independence, according to state-media Telesur.

Maduro is fighting against the dollar and Washington elites. He said that “in 2019, we have a schedule for oil to be sold in Petros and in this way continue to free us from a currency that the elite of Washington uses.”

Long story short, Maduro is working in a six-year plan to implement the cryptocurrency as a critical token to avoid the economic and financial sanctions the United States has approved against Venezuela’s economy.

President Maduro highlights that Russia is buying and selling oil and gas in Chinese Yuans, “we are going to sell our entire oil production in Petros progressively.”

Recently Similar News

cex-promotion exmo-promotion

Latest Guides

Latest News

Cryptocurrency,Trezor,Updates,Wallets

Trezor Explain Why You Should Use Their New Buy Service

Cryptocurrency wallet, Trezor have launched a new buy service on their platform and have detailed how it can benefit you. The new service will simultaneously help traders whether they are looking to hodl, invest, build your portfolio, or send money abroad directly via the service. To make sure you know exactly why you should use […]

13 November, 2019
Blockchain,CoinEx,Decentralised,Updates

CoinEx Chain Mainnet Goes Live Alongside New CoinEx DEX

CoinEx’s own native chain, the CoinEx Chain officially went live yesterday afternoon. The launch of the mainnet was 7 months in the making but it is now up and running, following a series of tests and a tour of Asia. During these tours, they spread the word of their native public chain and simultaneously attempted […]

12 November, 2019
CEX,Giveaway,Promotion

CEX Announce Creativity Awards For Users

To celebrate their 6th year of operation, CEX.io are giving users the chance to win prizes by sharing their creativity with the platform. This event will see them reward their users for the loyalty they have shown over their history simply for sharing their creative prowess with the exchange. The concept is quite simple – […]

11 November, 2019
DeversiFi,Exchange Platforms,Updates

DeversiFi Reveal First Month Performance Report

DeversiFi, the re-brand of popular platform Ethfinex, yesterday revealed the details of their first-month operations in their new format. Already the new-look platform has set about making its presence known in the world of cryptocurrency and blockchain. At the end of September, they assisted an EU commission that focuses on digital asset regulation, before last […]

10 November, 2019
Closure,Decentralised,DX.Exchange

DX.Exchange Have Closed “Temporarily”

DX.Exchange has closed its door as they attempt to find a “merger or outright sell of the company”. The news will come as a surprise to some as it has seemed all systems go for their native DXCASH and Turbo Token. However, this has seemingly not taken off in the way they had expected as […]

9 November, 2019
Changelly,Giveaway,Promotion

NEXO Giveaway Now Live at Changelly

Users will be able to benefit from a new giveaway at Changelly where they can win their share of 15,000 NEX. The two firms have been partners for some time. With Changelly’s low commission fee rates and NEXOs low interests combined making for a very price friendly trading experience when then the pair are used […]

9 November, 2019
Event

AIBC Summit Malta – Autumn Edition: Day 2

After what was undoubtedly a fantastic first day from the third edition of the AIBC Summit in Malta, our team at Cryptimi was all geared up for yet another eventful and insightful day. Just like the first day, we were literally spoilt for choice. So, we huddled up and came up with a practical game […]

8 November, 2019
Exmo,EXMO Coin,IEO,Promotion

EXMO Announce Series of Details about EXM IEO Third Round

The third and final IEO round for EXMO’s native coin, EXMO Coin (EXM) is scheduled for next Wednesday. In anticipation of this, the platform has announced important details about how and where you can get involved, as well as new incentives to do so. As previously reported, EXM is ready for its final IEO round […]

8 November, 2019