Blockchain Oil Trading Platforms:
Gas and oil giants in Europe are developing increasing interest into blockchain technology, starting to run blockchain trades in parallel with their current trading systems to see the comparison of the two.
"Use of such technology can help by streamlining back office processes, leading to reduced risk, better protection against cyber threats and ultimately significant cost savings," said Andrew Woosey, partner at consultancy EY which helped oversee the testing phase.
Testing Outcome:
During the testing phase, the oil blockchain system found a discrepancy in the volume specifications of a gas trade sold by Eni to BP, erasing a mistake that would have been a time-consuming task later on.
Resistance To Bigger & Better Change:
Oil traders have begun testing blockchain's transaction-processing system which promises to cutting out middlemen. As we all know, Bitcoin's transaction processing system has seen major issues with response time and "pending" transactions over the years. If blockchain can invest more time, effort, and money into transaction processing and # of transactions/second, it could be an extremely desirable option for global commodity trading.
Even with all the benefits and pluses of blockchain tech, assimilation into the new trading platform has been slow in the very conservative commodity business for fear of lacking discretion and further complicating trading.
Spread The Word!
This foray into the blockchain world by oil majors is huge news for crypto-enthusiasts, however. It's up to us to spread the word and show people just how awesome blockchain is!