• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 4 hours China's Blueprint For Global Power
  • 3 hours Bloomberg: shale slowing. Third wave of shale coming.
  • 9 hours Boring! See Ya Clowns, And Have Fun In Germany
  • 1 hour ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 3 hours Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 8 hours USA Carried Out Secret Cyber Strike On Iran In Wake Of Saudi Oil Attack
  • 14 hours Crazy Stories From Round The World
  • 12 hours the future
  • 9 hours 5 Tweets That Change The World?
  • 8 hours Spain Is On The Edge...Clashes Between Catalonia And "Madrid"
  • 9 hours Leftists crying to make oil patch illegal friendly: 'Broken system' starves U.S. oil boom of immigrant workers: CONGRESS DO YOUR JOBS INSTEAD OF PANDERING!
  • 14 hours Climate Protesters Blocking Roads etc...
Saudi Attacks Mark A New Era Of Warfare

Saudi Attacks Mark A New Era Of Warfare

The attacks on Saudi Arabian…

China’s Worrying Oil Vulnerability

China’s Worrying Oil Vulnerability

One thing that the recent…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Platts Releases Blockchain For Oil Inventory Data In the UAE

Data

S&P Global Platts released a blockchain-based product that “will allow market participants to submit weekly inventory oil storage data” to the United Arab Emirates’ Fujairah Oil Industry Zone (FOIZ) and the relevant regulator, FEDcom.

“In collaboration with FOIZ, FEDCom and the 11 terminal operators that use the flagship Middle Eastern facility, S&P Global Platts has developed a full scale commercial deployment of the Blockchain distributed ledger technology,” a press release documenting the new product says. “This offers FOIZ and its port operators security, together with ease of use, and a full audit trail to collate weekly inventory oil products storage data.”

Back in November, British Petroleum, Royal Dutch Shell, and a slew of other traders formed a consortium to release a similar blockchain-based product, but it seems Platts beat them to the punch. In another pilot program, BP began working with Italian supermajor Eni, and Austria’s Wien Energie on a trading platform using blockchain technology.

Shell is taking its investments in the new technology a step further, investing in a minority stake in the distributed ledger startup Applied Blockchain. The blockchain firm has created platforms across a range of sectors including telecom, manufacturing, and more.

“We believe our project, in conjunction with our partners in Fujairah, represents a first for oil markets by offering a full Blockchain deployment to provide market participants with data that is increasingly critical in the region and to the global oil markets,” said James Rilett, S&P Global Platts’ senior director of innovation and digital strategy. “As part of our on-going commitment to digital transformation in the energy sector and delivering innovative solutions, we are excited about the opportunity to engage with market participants to discuss ways of deploying this technology more broadly to help improve efficiency and manage risk in a secure environment.”

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play