Oil Industry Exec Bullish on Blockchain – Says Could Save 30 Percent in Savings

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The head of one of the world’s largest oil commodity traders, Swiss company Mercuria, says that adoption of Blockchain Technology will take place in the oil and gas industry over the next two years.

“We think this could reduce costs, certainly on payments, by 30 percent,” stated Marco Dunand, chief executive of Mercuria in a report by Reuters by journalist Amanda Cooper.

“I’ve seen sufficient bank presentations to believe the technology is there and it’s solid. And I believe we’re going to see a digital transformation of the oil and gas industry,” he told the Reuters Commodities Summit.

Dunand added he believes a key part of the Brent market that helps to set the global benchmark price for oil could be making regular use of Blockchain payment technology, provided enough participants agree to employ it.

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“BFOE [Brent, Forties, Ekofisk and Oseberg, four physical crude oils] for instance, is a market that has a limited amount of participants that requires a reasonably solid balance sheet,” Dunand said. “You could see this type fo market going to blockchain payments within the next 12 months.”

Samburaj Das  from Cryptocoinnews reported:

Blockchain has already seen use cases in commodities trade finance. A recent real-world proof-of-concept endeavor demonstrated a trade finance transaction which saw cheese and butter exported from an Irish agriculture co-operative to a Seychelles-based recipient.  In November 2015, Kynetix, a post-trade technology company announced a consortium of 15 commodities industry participants that will seek to develop blockchain solutions for the industry.

About Richard Kastelein

In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, ' The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write.

Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications.

Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the EuropeanCommission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.

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