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   541

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.

US Congressman to Call for Crypto Ban

As reported, Brad Sherman has called for a blanket ban on cryptocurrency buying
19 July 2018   77

American authorities should ban cryptocurrencies and mining. Such a statement on was made by Congressman Brad Sherman during the hearings of the Committee on Financial Services at the US House of Representatives, CoinDesk reports.

According to Sherman, in the future, cryptocurrencies may become a form of money, but at the moment they are used either by rogue states to bypass American sanctions or by individuals to evade taxes.

We should prohibit U.S. persons from buying or mining cryptocurrencies.

Brad Sherman

Congressman, US

At the same time, Norbert Mitchel, director of the Data Analysis Center of the Heritage Foundation, noted that the possible use of crypto-currency for criminal purposes should not stain other possibilities of digital currencies.

Yes it is true that criminals have used bitcoin, but it's also true that criminals have used airplanes, computers and automobiles. We shouldn't criminalize any of those instruments simply because criminals used them. Those components I believe are the main barriers to widespread adoption in the U.S.

Norbert Mitchel

Director of the Data Analysis Center, Heritage Foundation

As Eswar Prasad, senior professor at Cornell University, said, the existence of cryptocurrencies had the potential to impact the financial services system, particularly the payments system, in positive ways.