Blockchain is the hottest thing since Y2K. Everyone is talking about it, many companies are investing in it and lots of tech companies have built-out huge practices dedicated to creating practical applications for it (Deloitte said this week they have 1000 people working fulltime on blockchain across multiple industries). Given all this attention, it’s clearly bound to be a giant game changer in the global energy markets…right? 5 Reasons Blockchain Will Succeed in the Global Energy Markets Number 1 Huge investments are pouring into the space led by energy industry powerhouses like BP, Shell and Mercuria; tech industry players like IBM and banking concerns like ING and Societe Generale…If money can make a technology work, this thing is a guaranteed success. Number 2 Blockchain is a proven platform. After all, some form of blockchain runs every crypto currency market around the world. Number 3 Related to 1…early results from industry trials in the global crude trading markets indicate that it is already proven successful at reducing settlement times by as much as 30% per transaction. Number 4 The freight and water-borne energy shipping markets need this. These are old, paper heavy industries with lots of manual processes and interventions along… continue reading
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