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Blockchain and Oil Industry Inventory Reporting

Feb 22, 2018

The utility of blockchain technology seems to be growing at an exponential rate. This was evident when data provider S&P Global Platts announced that it would be using a blockchain technology platform in the United Arab Emirates (UAE). As was described by David Palmer in his coindesk article “Oil Data Firm Platts Rolls Out Commercial Blockchain Platform”, this action will allow oil companies to more efficiently track and share their inventory levels. This is a pioneering real-world initiative in the oil industry, and will allow companies in the field to submit their storage levels at weekly intervals.

The use of blockchain, however, goes beyond simply the ease of recording data. It will allow for more accurate and safe reporting as well. Changes made in any blockchain requires the changing of all the previous links, ensuring that it is more difficult to manipulate information once reported. Furthermore, the use of blockchain may eliminate the need to manually validate and collect information.

This development should come as welcome news to cryptocurrency investors. The struggle for legitimacy is one of the issues that stands at the forefront. An increase in popularity and function of the technology underlying cryptos can only serve to strengthen their standing, further bolstering their credibility.

To read the article cited click here