Oil Firm rolls out commercial blockchain platform

Oil Firm rolls out commercial blockchain platform

Data provider S&P Global Platts to deploy a blockchain platform to submit oil storage on a weekly basis to the UAE’s Fujairah Oil Industry Zone (FOIZ), making the delivery more efficient and secure. Mr.Platt said that this would improve the traditional processes which were manual and unstructured. Dutch bank ING had piloted an oil trading platform.

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