The blockchain could be the future of the oil industry

Blockchain could be the future of the oil industry . 10 gas and oil giants were also connected to the blockchain at the end of 2019.

The blockchain was used in Bangladesh to settle a transaction involving 20,000 tonnes of fuel oil.

Letters on blockchain

The subsidiary of HSBC in Bangladesh has successfully completed the first transaction on letter of credit based blockchain technology.

The transaction was carried out on the Contour DLT platform , which is owned by 8 financial institutions including HSBC , ING , Bangkok Bank , BNP Paribas , Standard Chartered , SEB and CTBC .

The transaction concerned the settlement of an import of 20,000 tonnes of fuel oil for the United Group subsidiary in Singapore .

For the Managing Director of HSBC Bangladesh , Md Mahbub ur Rahman , this initiative demonstrates the bank's commitment to supporting the cross-border trade of Bangladeshi businesses using cutting-edge technologies.

He believes this success paves the way for a new era in the routing of international business transactions as more and more companies recognize the security, transparency and speed offered by blockchain technology.

Bangladesh transactions using letters of credit are estimated at over $ 34 billion for the first half of 2020.

The Contour of Mineral Resources

The General Manager of United Group , Moinuddin Hasan Rashi says that the processing time has been reduced from several days to less than 24 hours.

Given the importance of the time factor in fuel oil letters of credit, the blockchain will help optimize processing times and costs.

80 entities in 17 countries tested the Contour platform before the launch of its Beta version in October 2020.

Contour was also used to settle a 176,000 tonne iron ore transaction between Malaysia and China .

The BHP group, which is one of the largest mining companies in the world, indicated in June 2020 that it had concluded a $ 14 million blockchain transaction with the Chinese company Baosteel. All that is missing is a DeFi protocol that would specialize in issues of governance and optimization of mining resource transactions. Tokenizing the underground resources of all countries: a project with a profit potential of more than 10 digits - a crypto that would be more profitable than Bitcoin (BTC) , gold 2.0  ?

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