23.01.2018 Oil with blockchain admixture

The triumphal march of blockchain around the planet continues!

Oil giant Shell bought a minority stake in a blockchain project Applied Blockchain, which has been on the market for about three years. Among the start-up`s clients are companies of banking and telecommunication sphere, automotive and aerospace industry organizations.

Shell has undertaken it in order to understand how blockchain can help to increase productivity and improve the business.

Johan Krebbers, the IT CTO of the oil corporation, said that the blockchain technologies have tremendous potential to shake up the processes in the oil industry, thereby helping to improve the efficiency of interaction with both customers and suppliers. Investing in Applied Blockchain, says Krebbers, is part of a plan to digitize data and create new business models.

Recall that last year the Mercuria trading company, in cooperation with banks ING and Societe Generale, began developing an oil trading system based on blockchain. According to experts, the integration of the distributed database in the oil and gas sector will help to optimize cross-border payments, improve the management of data and supply chains.