How Is Blockchain Technology Development Helping The Petrochemical Industry

1. visit :www.sphinx-solution.com Call :+91-020-26434646 How Is Blockchain Technology Development HelpingThe PetrochemicalIndustry? Blockchain technologybeing 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 greatpotential for blockchain to be used by differentindustries. 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 gasolineexport. Sinochem Group is focused on different industry businesses like energy, agriculture, chemicals, real estate and finance in China and in several othercountries.

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 futurewill help improve the transparency of the transaction business in China’s petrochemical industry and enhance the overall risk management level of theindustry.” Singapore and China made the first deal on blockchaintechnology. And Sinochem successfully exported gasoline using blockchain to Singapore. They have essentially followed the required steps to carry theprocess. The top benefits which make blockchain technology one of the bestplatforms: 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 ofthe information. Here blockchain comes into the scene, as the data once registered inside is immutable. It is also feasible to follow-up the transactiondetails. Reduce fraudulent activities: The petrochemical industry holds endless records from different sources. The traditional method required high attention andbear a considerable chance of data breach. Well, some mightargue 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 ofdata. Time saving process: Any data dissemination ortransaction over blockchain technology is time-saving. Being an advanced technology, the time spent in validating records over blockchain reducesextensively. Global transaction: Petrochemical agreement between two countries and their legal document needs security, this is where smart contracts can help theindustry. Participants including tax authorities can track the contracts. Blockchain thus makes the global transactioneasy. 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 processsecure. 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 intouch.

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