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Posted on 02/21/2018 4:16:35 PM PST by bananaman22
Big Oil is due for a disruption.
The world’s most important industry has been carrying on without any significant changes in its day to day routine for far too long.
But now, the new tech on the block has its sights set on the multi-trillion-dollar oil and gas sector.
It’s official: Blockchain technology has infiltrated Big Oil.
The hype behind blockchain has reached a full-blown frenzy. And for good reason.
The technology, which creates secure ledgers for digital transactions and rapidly accelerates the pace at which transactions can be made, has the potential to disrupt every major industry: real estate, shipping, banking and healthcare.
Blockchain is truly revolutionary, and Big Oil is finally catching on.
(Excerpt) Read more at oilprice.com ...
Never read so much gibberish in my life. Had to go to Wikipedia to even see what it meant. Sounds like the next scam along the lines of Bitcoin. I doubt it will be block chaining at work next week.
Horrible horrible horrible horrible horrible website.
What utter nonsense. So Blockchain is going to start exploring, producing and refining petroleum? If not, then it will have zero impact.
Sounds like this website got paid by Maduro to talk up their latest crypto/petrocurrency scheme.
No, but it will allow vast quantities oil to be bought/sold anonymously, instantly, anywhere in the world in real time. That WILL HAVE IMPACT on the oil industry as we have known it.
It took a while for me to figure out what they are probably talking about underneath all the hype gibberish.
Blockchain can be used in commodity trading. Big whoop. It may reduce some issues, but will introduce new issues.
Big impact. Especially when the buyer turns out to not really have the cash, and the seller not really have possession of the oil.
buyers without cash and sellers without merchandise...deserve each other.
Not well written.
The blockchain is not bitcoin. The blockchain is the public ledger that facilitates the exchange of value without the need for an intermediary.
Bitcoin operates on a blockchain. But it’s not necessary to use bitcoin.
Think about a stock market where there is no broker. You exchange your stocks directly with each other, not having to pay a third party to facilitate it.
The seller does not get their money until you get your stuff.
This is real. It’s in place in a lot of places today. And it will be huge within the next five years.
Do you think this is happening in the ally behind a strip joint near the harbor?
This stuff is being developed by the big institutions. It will mostly work in the background saving the companies billions. Of course, they will keep the savings and keep charging the ignorant full price.
The US petrodollar is doomed.
The ability to hide from governments seems to be the chief danger, IMHO. After all, if you don’t need them, why bother to tell them you just bought/sole/produced/transported something in their jurisdiction?
Folks, this is a big nothingburger.
They make it sound like there’s no Internet or phone to make an immediate buy or sell.
Hogwash!
What do you think people will turn to after the dollar?
this is a great idea...
but........
it has nothing exclusive to bitcoin.
it would work with any commodity.
..........
would be a good way to move money around
That’s what they said about the internet and text messaging.
BlockChain is the new DRM for logistics. IBM has a blockchain commercial out. Its not nonsense.
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They will charge the non ignorant full price as well.
I meant to say Venezuelans who had bitcoin.
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