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

2018-02-22 01:18 pm | Resource: News Section | No Views : 286

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.
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