The oil & gas firms leveraging blockchain are in a position to increase trade accuracy, improve scheduling and back-office efficiency, improve operational efficiency, increase access to trade info, and lessen the working capital cycle.
President Nicolás Maduro, states that, from 2020, oil will be sold for Petros, the cryptocurrency developed by the Venezuelan government. He assured that this year the country's oil production will be sold in their own oil-backed stablecoin.
The British-Dutch oil and gas company Shell becomes the latest big-name entry into the Blockchain space. The company has announced its plans to leverage blockchain technology to tap into the new markets within the Energy Web Foundation (EWF), an enterprise-grade blockchain platform.
IBM is collaborating with Abu Dhabi National Oil Company - ADNOC, a state owned oil firm in the UAE, to pilot a blockchain technology supply chain system, per an official press release published by ADNOC on December 9, 2018. The blockchain technology application can be leveraged in natural gas, gas, condensates, liquids, oil and sulphur.
There are many ways to buy or exchange cryptocurrency for fiat money: exchange services, crypto exchanges, as well as exchanges through private individuals. Unprotected transactions and high commissions are the first thing that digital gold owners can face, as well as people who are just making their first steps into the cryptocurrency world.