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S&P Global Platts has deployed a blockchain network for its data on oil storage in the UAE, according to the FT, which is one of the first times the technology has been used in the energy industry. The technology allows traders to securely add weekly UAE oil inventory data to the blockchain.
As the FT reports, the oil industry is keen on the use of blockchain because it could improve auditing on transactions that are worth tens of millions of dollars and that are often conducted at ports using paper contracts.
BP (NYSE: BP)and Shell (NYSE: RDS.A) have setup a consortium to develop a blockchain system for commodities trading that they hope will be live by the end of the year.