#Blockchain Adoption: Blockchain Technology in Petroleum Industry Published 2 weeks ago on March 7, 2019 By Joyce Lang Share Tweet The blockchain is a technology that records the existence and history of a transaction safely and independently. Back in 2017, Shell launched a blockchain division to explore and build applications for blockchains across the globe in areas such as exploration and production, mobility and renewable energy. Shell trade also invested in the Applied blockchain, a London – based startup that helped the company to build a new internal Trading platform supported by blockchain technology. Blockchain Technology in the Petroleum Industry Everything from mineral rights to identity – blockchain technology can improve the oil and gas industry. The blockchain is a tool to improve efficiency and reduce back – end operations such as supply chain and inventory management. Data stored in the blockchain can be shared with regulators in real time without any intermediate manipulation. The blockchain technology cannot completely protect itself from human error, someone can enter an alphanumeric number on a blockchain platform. Blockchain technology allows data hygiene by providing a single repository of all information, access to which it can be defined and managed by a consortium of stakeholders with access to the platform. The monitoring of land rights and ownership on a blockchain platform is one of the most visible cases of use for blockchain technology. For oil and gas corporations, the right of the blockchain would provide a single, clear and unchangeable record of who owns what land and what minerals are. Complex processes and a significant number of industry stakeholders lead to a higher number of inaccuracies, which in turn create the need for better management, and intelligent blockchain contracts can reduce contracts with Third parties. Although companies have not yet been able to implement blockchain technology on a commercial scale, a large number of “proofs of concept” are emerging in the industry, paving the way for widespread implementation. Petrobloq For example, if you integrate blockchain technology into an “intelligent contract” to sell track records, it would enable an oil corporation to transfer the tracking data to a new oil corporation, and the blockchain, which would automatically monitor the changes, it would automatically debit the banking account. Petrobloq’s goal is to monitor, monitor and record every drop of oil on a transparent, unchangeable and safe chain of blocks, from oil drilling to oil drilling. From major oil companies such as BP and Shell to small innovators such as Petroteq, it is possible to unlock massive opportunities in the oil and gas industry through innovative technology. In order to digitize the supply chain and track the raw materials, the chain of custody of oil and gas companies is usually subject to fluctuations in the value chain. The blockchain can play an essential role in improving the overall management of physical parts of the oil supply chain. By implementing blockchain technology, you can reduce the costs associated with updating, maintaining and securing the trading system. Related Topics:BlockchainBlockchain implementationblockchain in oil industryblockchain industryBlockchain Technologyblockchain usesoil industryoil industry blockchainpetroleum blockchainpetroleum industrypetroleum industry blockchaintechnology Up Next Explained: What is a DDoS Attack? How to be sage Don't Miss Ripple: XRP OTC Trading on Houbi Exchange Continue Reading Advertisement You may like ETH Price Analysis: Has Ethereum turned bearish? Mt Gox: Has the time come when Mt.Gox Creditors will be paid? Cryptocurrency Price Analysis: Great Week for the top 10 Ripple Price Analysis: XRP going to fall or rise? Bitcoin Price to $4500 soon? BTC Price Analysis Tom Lee: Bitcoin Bull Market Coming Soon 4 Comments 4 Comments Pingback: Adoption: Blockchain Technology in Petroleum Industry - Satoshiuncle Pingback: Adoption: Blockchain Technology in Petroleum Industry - Coinnounce - BTCrumbs Pingback: Adoption: Blockchain Technology in Petroleum Industry - Coinnounce - LTCrumbs Pingback: Adoption: Blockchain Technology in Petroleum Industry - Coinnounce Leave a Reply Cancel reply Your e-mail address will not be published. Required fields are marked *Comment Name * Email * Website #Blockchain Adoption: Courts in France adopt blockchain technology Published 6 days ago on March 16, 2019 By Joyce Lang The NCC or National Council of Clerks of France recently made an announcement that they have finally tested a blockchain technology-based solution for the courts and are now prepared to launch it throughout France. The National Council of Clerks is a representation of the clerks of the corporate and commercial registry in around a hundred thirty-hour workplaces in France. The workplaces depend upon one another for sharing important data. The goal of NCC France The NCC is determined to streamline and position the latest information technology that capitulates something that is known as ‘the single version of the truth’. The data tracks an organization’s growth, dissolution, change of location etc. The sharing of data amongst each other was earlier a big challenge for the NCC. The project based on blockchain technology had an aim of rapid cycle times and precision of information. In the pilot phase of the project, the National Council of Clerks in France was able to lessen the timing of registry operation involving a lot of days to just one day. According to the president of France National Council of Clerks, Sophie Jonval, the project based on blockchain technology is an outcome of the partnership with IBM. IBM who is already an expert in blockchain technology and cryptography has been serving as a technological partner. According to the NCC, the project shall be rolled out in the 1st half of 2019 and the project shall ensure a transparent and improved dynamics of the interactions between the clerks. Continue Reading #Blockchain HSBC Bank Looking to Expand Blockchain Platform Voltron in South Korea Published 1 week ago on March 13, 2019 By Nadja Eriksson HSBC, the largest bank in Europe is searching for banks in South Korea for launching Voltron, it’s blockchain platform as reported by the Korean Times. HSBC Voltron: The Voltron platform delivers a more quick method to process and settle invoices using by using permissioned blockchain technology. The permissioned blockchain stops the transactional data from being shared with everyone but instead, the data is shared with only consented users. The platform decreases the time that is usually required for the total process. According to Joshua Kroeker, the innovation director of HSBC, the platform would mostly impact the process timing. Thus the transparency which comes with blockchain, as well as the rapid flow, would help the banks in managing their working capital as well as their cash flows. Kroeker reached out to the banks in South Korea to partner with their blockchain platform i.e. Voltron for the letters of credit. HSBC’s blockchain platform was initiated in 2018 and is currently partnered with seven banks namely Standard Chartered, Bangkok Bank, BNP Paribas, ING, CTBC Holding, SEB, and NatWest. The platform is still in its pilot stage however, it shall soon be launched commercially. Continue Reading #Blockchain World’s biggest Blockchain ETF on London Stock Exchange Published 2 weeks ago on March 11, 2019 By Janet F. Sanchez Cryptocurrency enthusiasts around the world have been curiously waiting for a bitcoin ETF to be approved by the SEC or any other potential government in the world. However, before a bitcoin ETF, the world’s biggest blockchain ETF is scheduled to be launched by Invesco on the London Stock Exchange. Invesco is a large investment management company that has more than $800 billion in assets under management. World’s biggest Blockchain ETF At the launch, the Blockchain ETF will invest in a portfolio of forty-eight companies including the CME Group, a US exchange which had earlier launched bitcoin futures on the exchange and Taiwan Semiconductor Manufacturing, a company that supplies crypto mining machines. Other companies are those that have an exposer to the blockchain technology. The Blockchain ETF will be based on a proprietary scoring system made by Elwwod Asset Management LLP. According to Bin Ren, the chief executive officer at Elwood, the blockchain goes past cryptocurrencies. He mentioned that although blockchain technology is mostly being used by financial companies, it will be implemented in a vast range of industries soon. Continue Reading Advertisement Advertisement Latest Crypto News #Ethereum Price Analysis5 hours ago ETH Price Analysis: Has Ethereum turned bearish? #Exchange21 hours ago Mt Gox: Has the time come when Mt.Gox Creditors will be paid? #Bitcoin24 hours ago Cryptocurrency Price Analysis: Great Week for the top 10 #Ripple Price Analysis1 day ago Ripple Price Analysis: XRP going to fall or rise? #Bitcoin Price Analysis2 days ago Bitcoin Price to $4500 soon? BTC Price Analysis #Bitcoin2 days ago Tom Lee: Bitcoin Bull Market Coming Soon #Bitcoin2 days ago Alert: Bitcoin Breaks Record, Highest Hash Rate Since November 2018. Adoption3 days ago The Amazon of Switzerland: Digitec Galaxus now accepts Bitcoin. Banking3 days ago Six Banks to launch Stablecoins with IBM: Bull Market Coming? Adoption3 days ago VISA getting into Cryptocurreny Space #Bitcoin Price Analysis3 days ago Bitcoin Price Analysis: BTC at a crucial point #SEC4 days ago SEC: Some Stablecoins raise issues under securities laws #Bitcoin Price Analysis4 days ago Bitcoin Price Analysis: Is BTC ready for the next bull run? #Ripple Price Analysis4 days ago Ripple Price Analysis: Will XRP break through the resistance? #Ethereum Price Analysis4 days ago ETH Price Analysis: Ethereum off to $150?