Blockchain Could Slash Oil Industry Costs by 30%, says Chief of Commodities Trading Giant
The chief executive of Swiss-based Mercuria, one of the world’s largest commodity traders, sees blockchain adoption among the oil and gas industry within 2017. The head of Swiss-based Mercuria was speaking at the recent Reuters Commodities Summit, where he revealed just how big the commodities industry is on blockchain, a Reuters report revealed. The industry sees nearly all of its core processes still work on paper and takes several days for transfer of value – presided by a settlement agency – in every step along a trade transaction. Among blockchain technology’s use-cases besides....
Related News
The chief executive of Mercuria, one of the world’s largest commodities traders, is bullish on blockchain. The head of the Swiss-based firm appeared earlier this week during an event hosted by Thomson Reuters. In remarks, Mercuria chief executive officer Marco Dunand revealed that he had been engaging with stakeholders on the technology and that, in his belief, it could have a major impact on how commodities are traded and exchanged. According to Reuters, Dunand told attendees: "I've seen sufficient bank presentations to believe the technology is there and it's solid. And I believe....
Swiss firm Mercuria, one of the largest commodities traders in the world, will put to test the first large oil trade transaction powered by blockchain technology. The trade transaction will see an oil cargo shipment containing African crude sold to ChemChina, a Chinese petrochemical giant and shareholder in Mercuria. ING and Societe Generale, a Dutch and French bank respectively will aid in the execution of the deal, a Reuters report has confirmed. The deal was announced by Mercuria co-founder and chief executive Marco Dunand during the recently concluded World Economic Forum in Davos,....
A proposed plan to end sales-tax collection on purchases of virtual currencies in Japan will likely propel the growth of Bitcoin and other digital currencies as alternatives to fiat according to a report by Nikkei. After the news, more exchange traders were reported joining the Bitcoin’s bandwagon. The market research firm, Seed Planning, estimating the Bitcoin's annual trading volume will soar to 2 trln yen this year. This move could slash costs for buyers and will be another incentive that would motivate existing Bitcoin users in the country that has been described as one of the first to....
Afterpay told the Australian Senate that using crypto could cut payments costs for merchants, and that the government should work to create a framework for an AUD-backed stablecoin. Australian buy now pay later (BNPL) firm Afterpay believes that local merchants can slash payment costs by utilizing cryptocurrencies. In a submission to the Senate inquiry into “Australia as a Technology and Financial Center”, Afterpay stated that the use of blockchain-based transactions would cut the fees associated with traditional payment methods including card issuer, network operator and banking fees:....
Bitcoiners champion how blockchain technology could undermine the financial system and effectively destroy banks. Bitcoiners mention how banks are going the way of the buffalo and blockchain inspired technology – or simply Bitcoin – will revolutionize the way the world does, basically, everything. Bitcoin, they say, will allow individuals to become their own banks. But, what if the opposite is happening? Many people on the opposite side of the aisle believe that blockchain technology will cut overhead so much that the record profits big banks have made in recent years will look small.....