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The Oil and Gas Industry Wakes Up to Blockchain

May 29, 2020 by

Blockchain serves as a shared database that eliminates the role third parties play in transaction processes and information sharing in a number of ways. Technology, inventories, contracts, payments and other data is shared directly between parties with encrypted connections. Commodity exchanges on blockchain, for example, can support oil and gas trading directly between parties anywhere in the world, while removing the role banks, brokerage firms or other intermediaries have traditionally played.

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