How Is Blockchain Technology Development Helping The Petrochemical Industry

1. Call :+91-020-26434646visit : www.sphinx-solution.com How Is Blockchain Technology Development Helping The Petrochemical Industry? Blockchain technology being a decentralized, distributed and public ledger it is capable of doing more than transactions and creating blocks of information. The amazing encryption technology and cryptocurrency creates great potential for blockchain to be used by different industries. Today we are discussing, what is the benefits of blockchain technology in the petrochemical industry. Though blockchain is in its nascent stage industry specialists are doing several kinds of research and leveraging it according to the requirement. The Chinese petrochemical giant, Sinochem Group has started using this technology to perform a gasoline export. Sinochem Group is focused on different industry businesses like energy, agriculture, chemicals, real estate and finance in China and in several other countries.

2. The Sinochem group said that “The blockchain technology is characterized by transparency, efficiency, safety, and stability. The standardization and platformization of the blockchain technology enabled trade in China’s petrochemical industry in the future will help improve the transparency of the transaction business in China’s petrochemical industry and enhance the overall risk management level of the industry.” Singapore and China made the first deal on blockchain technology. And Sinochem successfully exported gasoline using blockchain to Singapore. They have essentially followed the required steps to carry the process. The top benefits which make blockchain technology one of the best platforms: Control data collection: Petrochemical industry have to deal with the government for various processes, all these require heavy paperwork and documentation. And it can create disputed around the ownership and also the rightful record of the information.Here blockchain comes into the scene, as the data once registered inside is immutable. It is also feasible to follow-up the transaction details. Reduce fraudulent activities: The petrochemical industry holds endless records from different sources. The traditional method required high attention and bear a considerable chance of data breach. Well, some might argue that blockchain technology can’t fully eliminate the fraudulent activities but to their knowledge, as the technology is still in its nascent stage, it is impractical to think that. The blockhain technology is enough strong to stop the tampering of data. Time saving process: Any data dissemination or transaction over blockchain technology is time-saving. Being an advanced technology, the time spent in validating records over blockchain reduces extensively. Global transaction: Petrochemical agreement between two countries and their legal document needs security, this is where smart contracts can help the industry. Participants including tax authorities can track the contracts. Blockchain thus makes the global transaction easy. Organize operations: From upstream operations like exploring oil and gas deposits and associated sub-operations to downstream operations like collecting, marketing and delivering petrochemicals to the end-customers, blockchain can organize and make the process secure. Conclusion The adaptation of the blockchain development process is a revolution in business deals and transaction. Its potential like smart contracts, identification of risk activities and the global transaction will make it a popular platform over the petrochemical industry. If you want to discuss more, get in touch.

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