The historic and paper-intensive ways of the oil industry are due for an upgrade, especially amid heightened demand for the commodity. Some of the biggest names in oil transport are leading the charge for the integration of blockchain in an industry that is ripe for distributed ledger technology given its dependence on contracts for its mere existence.
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An upgrade to a distributed ledger technology would introduce a host of benefits, including encryption-based security, greater accuracy, lower costs and time savings. For example, the piloted version slashed the transaction verification process from several hours to minutes.
But there would also be some fallout. Individuals who performed the manual tasks of data entry would likely be out of a job with the adoption of blockchain technology in the oil industry...Click here to know the details story
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Gerelyn Terzo
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