S&P Global Platts, one of the leading independent companies collecting data for the product and energy market, according to the statement released on February 22, has delivered weekly oil prices to market participants at Fujairah Petroleum Industrial Zone in the United Arab Emirates and regulator FEDCom. According to Platt’s statement, this blockchain-based innovation will facilitate and make the “unstructured process” between terminal operators more secure. The technology will also reduce the manual data management provided by the regulator FEDCom and improve the quality of the data by automatically validating the figures, thus minimizing human error. It will be the first commercial application of blockchain technology.
In November 2017, BP, Shell and other businesses formed a trade association that plans to launch a Blockchain-based platform for energy products by the end of 2018.
2017′ Earlier, Cointelegraph reported that major oil industry regions are considering using Blockchain technology to stabilize the oil price, ensure transparency among industry parties, and reduce the manual labor required in the energy sector.
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