Big Oil Looks to Blockchain Technology

In a $2.7 billion crude oil industry, verifying ownership of commodities is important for business. The bill of lading is the document that does just that. But unlike other industries that have switched to higher tech for their documentation processes, big oil still uses the pen and paper method, and some oil companies want to change that. To cut costs and up productivity, companies are looking to online ledgers known as Blockchain. 

“In our business, you have people managing transactions all over the world,” said Souleïma Baddi, a managing director and Deputy Head of Commodity Trade Finance for Societe Generale in Switzerland. With a blockchain system, “people will perform their tasks immediately—directly on their phone or on their iPad where they do their job—rather than relying on others to collect the necessary paperwork.” 

Paper documents are more susceptible to fraud, and traders want to secure transactions in the future. “It will allow traders and everyone within an energy firm or within a bank to spend more time on the work that really matters,”[1] says Anthony van Vliet, ING Group’s Global Head of Trade Commodity Finance. 

[1] http://www.worldoil.com/news/2018/2/26/big-oil-buyers-ditch-paper-for-blockchain-to-track-tanker-sales

Follow us on social media for the latest updates in B2B!

Image

Latest

kraken machines
Superior, Wisconsin Company Launches KRAKEN Machines
November 7, 2024

Superior, WI—BARKO Hydraulics, a Superior, Wisconsin-based company focused on the production of heavy equipment for forestry and logging professionals since 1963, today announced the introduction of a new equipment brand targeting a variety of non-forestry industries, including general construction, scrap/recycling and disaster mitigation, including wildfire prevention and clean-up. President, Justin Rupar, expressed enthusiasm about the…

Read More
unified data
Breaking Down Silos with Unified Data: Enhancing IT-OT Collaboration and Workplace Security
November 7, 2024

As organizations navigate the complexities of hybrid work models, the integration of Information Technology (IT) and Operational Technology (OT) has become pivotal. Eptura’s 2024 Workplace Index Report highlights that businesses are increasingly investing in data analytics, integrated workplace solutions, and collaboration software to enhance operational efficiency and employee experience. This trend underscores the critical…

Read More
Cutting-edge tracking tech
Lamar IoT’s Cutting-Edge Tracking Tech Prevents Drugs & High-End Food Products from Perishing
November 7, 2024

As global supply chains grow more complex, the need for precise tracking and quality control is critical. Traditional tracking systems often fall short, merely pinpointing the location without monitoring essential conditions like temperature or humidity. But for industries moving sensitive items—like high-value medicines and perishable foods—real-time insights into the condition of goods are essential…

Read More
immersive
Cosm’s Visionary Approach to Evolving Entertainment Through Immersive Experiences
November 7, 2024

The entertainment landscape is undergoing a significant transformation, with immersive experiences leading the charge. Advancements in technology and evolving audience expectations are reshaping how people engage with content, as venues strive to deliver deeper, more interactive encounters. This episode of Pro AV Today, hosted by Ben Thomas, features Rachael Stockham, VP of Sales and Strategic Partnerships…

Read More