Energy Data Provider S&P Global Platts to Use Blockchain

S&P Global Platts will deploy a blockchain platform for sharing oil inventories in the United Arab Emirates (UAE)
23 February 2018   303

S&P Global Platts’ network will allow market participants to submit data on oil storage on a weekly basis to the UAE's Fujairah Oil Industry Zone (FOIZ). It will be the first real-world products utilizing blockchain tech in the oil industry.

According to Mamdouh Malek Azizeh, commercial director of Fujairah Oil Terminal FZC, the blockchain will allow FOIZ terminal operators to deliver their inventory data in a "more efficient and secure environment".

As part of our ongoing 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.

James Rilett

Platt's senior director of innovation and digital strategy

He also stated that the "full blockchain deployment" is a first for the oil markets.

S&P Global Platts informed about its plan after other companies have revealed projects aimed to bring blockchain's potential to the oil industry. Previously, IBM announced the development of a blockchain crude oil trade finance platform in March 2017. In the same month, Dutch bank ING informed that it had piloted an oil trading platform built with ethereum.

Qvolta is launching its platform

Qvolta announced its platform release date of April 2 that will feature a full-fledged version of a web platform
24 March 2018   40

Qvolta platform has set its release date to April 2. The release is in accordance with the roadmap of the platform and will include a fully functional version of the web platform. The developers team is currently performing various tests and making final amendments to ensure the proper functionality. This desktop client is in alpha stage. A mobile app for secure authorizations is out and it is the native solution for security without intermediaries.

Qvolta is a P2P exchange platform solution that focuses on the capability of trading Bitcoin and Ethereum for fiat currencies and vice versa. And such functionality is provided through local payment methods. Since centralized exchanges become the target of serious scrutiny of regulators, cryptocurrency platforms that allow trading P2P or in fully decentralized fashion are getting more necessary.

As of the moment of the publication, the market parameters of Qvolta are as follows:

Average price: $0.390836

Market cap: $2,712,466

Volume (24h): $6,171