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BP looks to Blockchain for oil trading advantages

Published: 06:58 03 Oct 2017 EDT

oil barrels in stack
Blockchain will be used to record oil trading transactions

There’s so much more to Blockchain than the Bitcoin and Etherium headlines. The ground breaking data technology underpins the increasingly high profile virtual currencies, but, its cheerleaders say Blockchain applications can be disruptive in almost all areas of business.

Oil major BP PLC (LON:BP) is now reportedly looking at the technology as a way of improving efficiency in its oil trading business, by creating a Blockchain ledger of transactions.

READ: Deutsche Bank says BP 'key buy’ in European oil sector, raising target prices for it and Royal Dutch Shell

It is said to be one of a number of pilot schemes that BP is investing in and it follows previous reports in June that the oil major and ENI had started to run ‘blockchain trades’ alongside trading firm Wien Energie for its European gas deals.

David Eyton, BP’s head of technology, was quoted in a Financial Times report on Tuesday, saying: “There are uses for blockchain that could give us a competitive advantage.”

“Blockchain can be much more efficient in terms of speed and verification of transactions.”

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