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ETHMemphis • May 18-20, 2018

The Ethereum blockchain can provide value to the business community. Therefore, the ETHMemphis Hackathon will team Ethereum developers with business…

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Tag: oil

Venezuela Offers India 30 Percent Discount on Crude Oil if it Uses the Petro

Category: Altcoins, Finance, News

Venezuela Offers India 30 Percent Discount on Crude Oil if it Uses the Petro

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 the Petro The Petro is a cryptocurrency which was developed by the government of Venezuela and was launched sometime in…

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$2.7 Billion (per day) Oil Business Set to Kick Paper Out for Blockchain

Category: Blockchain, Business, News, Tech

$2.7 Billion (per day) Oil Business Set to Kick Paper Out for Blockchain

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, it could result in significant job losses. Several dozen tankers set sail from global ports daily, generating transactions worth $2.7…

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A Venezuelan Leap Into Cryptocurrency?

Category: Finance, News, Tech

A Venezuelan Leap Into Cryptocurrency?

Venezuela is a nation in crisis. The economy has been hit by a decline in oil reserves and the value of the bolivar; its prevailing currency has plummeted. Named after Simón Bolívar, the 19th-century hero known across South America for leading the independence movement from Spain, the bolivar in recent years has been rendered practically worthless. Now amid a cash…

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Oil Giant BP to Test Blockchain Technology With BTL Group

Category: Blockchain, Business, News

Oil Giant BP to Test Blockchain Technology With BTL Group

Oil giant BP, the world’s eighth-largest energy company by revenue ($222.8 billion), has officially begun collaborating with Canadian blockchain startup BTL Group. After a few months of successful testing, BP, Italian oil and gas company Eni, and major German energy company Wien Energie all plan to enter a six-month production phase with BTL’s Interbit platform built on top of the…

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IBM Partners with Natixis and Trafigura, Introduce First Blockchain Solution for U.S. Crude Oil Market

Category: Blockchain, Business, News

IBM Partners with Natixis and Trafigura, Introduce First Blockchain Solution for U.S. Crude Oil Market

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 industry is today mostly driven by manual, non-digital processes, so this initiative comes as part of a plan to start…

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ING and Société Générale Conduct First Live Oil Blockchain Trade

Category: Finance, News, Tech

ING and Société Générale Conduct First Live Oil Blockchain Trade

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 trading in the oil trade and finance sector aimed at reducing costs and inefficiencies. The new trading platform is called…

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