oil News

GuildOne has partnered with Blockchain for Energy to pilot the first blockchain-based Integrated Joint Venture Management (IJVM) platform. Moving Power to Blockchain According to a Ledger Insights report published on June 3, oil and gas technology firm GuildOne has joined…

The Winklevoss twins —the founders of the regulatory compliant Gemini, are convinced the U.S. dollar is no longer a reliable store of value. Instead, their confidence is on Bitcoin.  Gold and Oil as Store of Value Assets On Aug 27,…

Blockchains are being used across the world for their ability to serve as a robust accounting ledger that can be shared and distributed in real-time across the world. According to the Bangkok Post, the Thai excise department is in talks…

On January 16, London-based blockchain oil trading platform VAKT announced that oil and gas giants Chevron, Total and Reliance have joined its new blockchain-powered commodity trade platform. VAKT Puts Oil onto the Blockchain VAKT’s mission is “to digitize the global…

The Abu Dhabi National Oil Company (ADNOC), a leading diversified energy and petrochemicals group that claims to produce roughly 3 million barrels of oil and 10.5 cubic feet of natural gas daily, has joined forces with IBM  to enable it…

Despite the criticisms that the controversial Petro cryptocurrency has faced both locally and internationally since its launch in February 2018, the coin’s backers have unsuccessfully tried their best to gain relevance and seek a robust use-case. However, most countries have…

India can gain a 30 percent discount on crude oil purchases from Venezuela only if the payments are made using the state-endorsed digital currency, the Petro, which is backed by the country’s oil and mineral reserves. Coinsecure Thinking of Listing…

In an industry notorious for its paperwork, the maritime transporters of half of the world’s crude oil supply are looking to the blockchain to revamp the shipping industry’s backend. Although utilizing a decentralized ledger would be a giant leap forward,…

IBM announced a partnership with Natixis and Trafigura to introduce the first blockchain development for commodity trade finance for US crude oil transactions. The March 28 announcement marks the beginning of the institutional use of the blockchain technology. The trading…

European banking giants ING and Société Générale (SocGen) have successfully completed a live oil trade in cooperation with global commodity trading House Mercuria using blockchain technology announced February 22. The three trading houses have developed a blockchain prototype for paperless…