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   764

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.

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   110

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.