country flagالعربية

UAE is beginning to use blockchain in the field of crude oil

2018-02-22 01:18 pm | Resource: News Section | No Views : 41

UAE is beginning to use blockchain in the field of crude oil Global Platts S&P has announced the use of Blockchain technology to share oil stocks in the UAE and to provide the UAE markets with this data.
Platts, one of the world's first companies to use Blockchain in oil production, confirmed that it allows market participants to provide data on oil storage on a weekly basis in the Fujairah oil industry.
Mamdouh Malik Aziza, Commercial Director of Fujairah Oil Company, said in a press release that the Blockchain technology will allow station operators to provide data on their oil reserves in a more efficient and safe environment.
The process is better than manual unregistered registration, which is typically used by station operators to provide their own data, and that the Commission now no longer needs to conduct exhaustive manual investigations into data collection, he noted.
The move was in line with the news of some of the world's leading oil companies, with the possibility of introducing Blockchain technology in this field.
To follow the price of UAE dirham against USD moment by moment

Other news

More news

Best trading brokers

All Rights Reserved
Risk Disclaimer: Trading in foreign exchange market (Forex) includes the risks and the possibility of loss. That is why we are keen on providing the highest quality news and analysis concerning the different markets traded. The opinions expressed in the site indicate the opinion of the author only and not the views of the administration or the public, knowing that errors could be encountered and there is a possibility to commit them. Before starting to trade you should carefully consider your investment objectives, and review the level of experience and risk appetite. In some cases, possible high leverage can lead to loss of funds invested, so you can not invest money that you can not handle its possible loss. You should be aware of all the risks associated with foreign exchange trading and seek for advices from an independent financial advisor if you have any does not assume any responsibility after the occurrence of financial loss to the dealer and the user carries full responsibility for the losses resulting from the use of news, analysis and data on the site.