Blockchain for oil markets is not a story, myth or a dream, it is finally a reality that is needed and will benefit the Oil Markets tremendously according to all parties. article source
Blockchain For Oil Markets Solution Is Real
In my opinion the solutions that will be coming down the pike with the versatile Blockchain technology will be scary fast and furious for obvious reasons. According to the article, the Oil Markets around the world rely on archaic technology to conduct business and an upgrade to a more modern solution is not only needed but necessary to move this particular market into the future.
“We want to use blockchain to optimize the antiquated arena of commodity trade finance,” said Arnaud Stevens, Natixis’ New York Head of Global Energy & Commodities. “The current process is paper and labor intensive, we have multiple friction points with high processing costs and limited automation. Distributed ledger technology brings some much-needed innovation into our industry.”
“Processes in the energy and commodities trade business are ripe for improvement,” said James Wallis, Vice President, blockchain markets and engagements, IBM. “The approach we are taking, using a permission blockchain network built on the Hyperledger Fabric, has the potential to transform the crude oil industry by creating consistency in trade finance and by digitizing transactions and information sharing. Creating this ecosystem for the commodities market working with two world leaders in this industry will help create an entirely new approach to managing the global commodities trade.”
“The system will contribute hugely to improving efficiency, visibility, and transparency whilst lowering costs and potential for cyber crime.”
Like I have been saying for years now, the Blockchain in particular, or the Blockchain for Oil Markets that has been created, is essential for extremely efficient world business solutions and safe almost free money transfer. It finally appears that the world is latching onto the enormous potential we all hope. Although Bitcoin is the pioneer of the technology and has brought this amazing technology to the forefront, Bitcoin these days is nothing more than a hyper day trading scheme for wealthy traders in my opinion. Bitcoin hasn’t moved the ball forward for any meaningful business solution and will be left in the dust in the coming years I project.
The time has come to take this amazing technology to the next level and make it work for the world instead of just watching the frenzied price movement of speculators on non-liquid digital currency exchanges. Just think of how many industries this technology will help ? How much paper that will be saved ? How much more efficient and transparent the world will be ?
The Blockchain For Oil Markets is here, what market is next chappy ?
Beam Me Up !
*I am an independent marketing associate of Onelife and all information, writings and opinions on this blog are mine alone with zero connection to the company Onecoin or Onelife unless directly sourced by company.*