The supplier of these energy markets of S&P Global Platts announced the commercial implementation of the specialized platform on the basis of a blockchain for data collection about oil inventories in the territory of the United Arab Emirates (UAE).
The company marks that a network of Platts — one of the first technology solutions on the basis of the technology of a blockchain in the oil-extracting industry. It will allow participants of the market to work more effectively oils, data on storage, in “A zone of the oil industry of Fujairah” (Fujairah Oil Industry Zone, FOIZ), in particular, quickly and safely transferring them in FEDCom. According to the commercial director of Fujairah Oil Terminal Mamdukh Malek Aziz, the implemented technology will allow operators of FOIZ terminals to work oils, data about inventories, in more effective and safe environment.
In S&P claim that the network will increase the level of controllability and structuredness of the data and processes which are traditionally applied by operators of terminals by operation with weekly data on oil inventories. The decision will also allow FEDCom to automate verification process and comparisons of data.
The high chief innovation officer and the digital strategy of S&P Global Platts said that the company aims to implement digital innovations in the energy sector and will be glad to discuss optimum methods of deployment of a blockchain platform with participants of the market.
It is interesting that the message of S&P was published after over projects on implementation of technology of a blockchain in the oil-extracting industry declared other known companies operation.
In March 2017 a number of the companies, including IBM, declared operation over a blockchain platform of financing of trade in crude oil. This platform allows participants of the transaction to view data of transactions and also to publish and view data on deliveries and payments and other documentation.
In the same month, the Netherlands bank ING declared the start of the Easy TradING Connect platform. On the available data, it was created on the basis of the Ethereum providing carrying out transactions in real time and is intended for trade in oil.