The production of crude oil and natural gas, exploration and production operations, well construction, and refining have developed over time into an ever-evolving system where a company’s operations in one country can have significant impacts on operations in another, but not for much longer. Today, numerous companies are entering the oil industry with a new concept that could disrupt the entire market.
One such company is Elastos (ELA). Their vision is to create an intelligent web powered by blockchain to generate a safe digital environment that respects user privacy and protects digital content from cyberattacks. It is just like this platform https://oil-profits.com/ does the same. Here are six cryptocurrency companies that are transforming the oil industry.
Ethereum applications can only be turned off if the developer chooses to do so. Therefore, the platform is censorship-resistant and trustless. Ethereum accounts as the entire blockchain company for issuing, trading, and settling crude oil swaps and forwards in oil trading.
It provides a platform for provenance recording and immutable assurance on the provenance of physical assets. The goal is to build a distributed ledger that tracks all aspects of the supply chain, from raw materials to retail sales in oil trading. An asset is tracked from its origin in the field to its end of life as a product or recycled materials. This concept is helpful for provenance tracking for high-value products such as diamonds, diamonds just like gold, wine, and especially oil.
Binance recently launched its bright chain, which the ELA tokens will support. It is a decentralized platform to create and maintain a distributed ledger, enabling Binance to offer blockchain-based trading in various digital currencies. Binance, the leading cryptocurrency exchange alongside its bright chain, is playing a significant role in transforming oil trading. Binance bright chain offers faster settlement of payments on the oil trading companies making it better than other reputed blockchain models.
Plasma is a scalability solution focused on enabling smart contracts, similar to the Ethereum blockchain, but on a much larger scale. As a result, plasma transactions are cheaper and quicker than Ethereum. For example, oil trading allows for instant payments with zero fees. Plasma can also be used for digital trading in oil as it contains smart contracts creating transparency and safety in business transactions.
This decentralized public blockchain and cryptocurrency project is entirely open source. The platform allows for the use of smart contracts, and like many other competing platforms, it also allows the implementation of decentralized applications (Dapps).
Also, Cardano ensures no single party will take control of it. This cryptocurrency platform is involved in oil trading by providing a marketplace for digital assets that cannot be censored or instantly attacked.
ECOS is a combination of three networks- NEO, Ethereum, and Bitshares- designed to work together to meet oil industry demands for quick transaction speed and high-volume capacity utilization. ECOS offers a business-to-business platform and serves the oil trading market by providing a quick way of exchanging digital assets.
Blockchain technology in oil trading
Blockchain for the oil industry is a disruptive technology with the potential to improve efficiency, reduce costs, and minimize the environmental impact of its processes.
Moreover, there are a plethora of blockchain-based startups that are transforming the oil industry. The diversity of their projects makes it easier for the oil industry to exploit their Blockchain technologies. In addition, these companies are working collaboratively to install efficient and successful blockchain applications in the sector.
These blockchain-based companies have the potential to transform the oil industry completely. Many businesses have already started adopting innovative solutions. The companies are collaborating and making their blockchain platforms the best for the oil industry to accomplish their goal. As a result, these companies are making it easier for the oil industry to enter the blockchain era by adopting innovative solutions in the sector.
Elastos, Ever ledger, Binance bright chain, Plasma, Cardano, and Ecos are some companies transforming the oil industry with blockchain technology. However, modern technology has failed to solve problems such as ownership transfers, efficiency, and transparency in business operations among traders. Most of the time, delays and long processes are recorded due to high-capacity utilization. Blockchain will change the whole game in oil trading by providing an avenue for quick payment settlement with zero fees.