S & P Global Platts Has Deployed Blockchain Network For Oil Data In UAE

S & P Global Platts Has Deployed Blockchain Network For Oil Data In UAE

Blockchain
February 23, 2018 by Bitzamp
277
S & P Global Platts Has Deployed Blockchain Network For Oil Data In UAE S & P Global Platts has deployed a blockchain network for data storage reporting in the United Arab Emirates, as part of the first real-world commercial applications of the technology to be launched in the energy industry. The Fujairah Oil Industry
Bitzamp

S & P Global Platts Has Deployed Blockchain Network For Oil Data In UAE
S & P Global Platts has deployed a blockchain network for data storage reporting in the United Arab Emirates, as part of the first real-world commercial applications of the technology to be launched in the energy industry.

The Fujairah Oil Industry Zone (FOIZ) is home to the largest commercial storage capacity in the Middle East for refined petroleum products. Platts is a top-in-place partner of the exclusive publisher, Fujairah is stepping up its efforts to become a global trading center.
In a statement, Mamdouh Malek Azizeh sales representative of the Fujairah oil terminal said, “operators deliver their data in a more efficient and secure environment”.

FEDCom, Platts said in a statement. “The new technology improves the manual and a structure by which operators communicate their weekly inventory numbers to FEDCom, The solution has also worked that FEDCom no longer needs to undertake manual validation and collation of the data.
Stating that the “full blockchain deployment” is a first for the oil markets, James Rilett, Platt’s senior director of innovation and digital strategy, commented:
The news came after other notable companies revealed plans to bring blockchain potential to the oil industry.
Platt’s Senior Director of Innovation and Digital Strategy, commented:

“This provides additional security and convenience for terminal operators. As part of our on-going commitment to digital transformation in the energy sector and delivering innovative solutions, we are excited about the opportunity to engage with market participants to discuss ways of deploying this technology more broadly to help improve efficiency and manage risk in a secure environment.”

FOIZ Development Committee member Sohail Iqbal said: “Innovation is the next step in Fujairah’s ambitions to become a global hub for first-time trade, operating at the highest level of security.”


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