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 ...
I have converted my automobile to a blockchain engine. Requires no fuel. The odometer mileage goes upward endlessly.
Big institutions like this one? $20 trillion Bitcoin grab in cryptocurrency exchange glitch(Japan)
So the fracking revolution wasn't a thing?
What happens when the thing you bought fails to be delivered, or what is delivered isn't what you thought you were buying? Who are you going to complain to?
This is why drug gangs have to settle issues with guns. It's not like they can complain to the Dept of Consumer Affairs when they get powdered sugar when they thought they were buying drugs.
Drug gang wars are usually over turf and wiping out competition.
An honest broker—they do exist , lotsa luck finding one- told me commodity and margin traders usually lose that part of their anatomy most attractive to Shep Smith and Andeerson Cooper.
The blockchain ledger may facilitate change of official ownership of some item. It is still dependent upon SOMEBODY certifying that the item being exchanged actually exists, AND that the person initiating the chain for it, actually had legal ownership of it in the first place.
That is true. But, let’s use a title search as an example.
It is true that you would have to do an initial certified title search. This confirms that the designated property exists, and that it certified to be owned by the person it says it is.
Once that information is on the blockchain, it never has to be searched again. Transactions would be verified and ownership updated. And because the blockchain is large, it is self policing. Automatically.
Now you may say that you only buy one or two homes per lifetime. What’s the big deal? The big deal is that the makes the process more efficient and takes billions of dollars per year out of real estate costs.
Any property can be assigned to the blockchain. Let’s talk cars? Versus real estate, there are tens of million car transactions in a year. Each car is assigned an address—sort of a Vin number. If you are buying a car, you could us the block chain to track the history of the car. You can verify ownership. With the right kind of smart contract on top of the blockchain, you can verify ownership, maintenance, etc. for all owners, for the history of the car.
The improvement is in the applications written into the blockchain, they allow for an accurate, almost frictionless, and very efficient way to track, transfer, or confirm the ownership of an asset.
In terms of verifying funds for transactions, that is what crypto currencies are for. The blockchain verifies the existing funds and transfers it. It cannot be counterfeited and funds cannot be double spent.
You may read this stuff and think that these are not earth shattering innovations. Once you understand the security, openness, and simplicity of the process it makes sense. The economic savings comes from eliminating the friction in the system. Friction equals time and money.
Imagine the “closing” of a house done in a week versus weeks. Over millions of transactions? I would not want to be working for a traditional real estate title search company.
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