Top 20 Cryptos Make Small Gains While Stock Futures and Oil Indexes See Green

Feb. 12 — cryptocurrency markets are seeing measured growth among the top 20 coins by market capitalization, according to data from CoinMarketCap. Market visualization from Coin360 The biggest cryptocurrency, Bitcoin (BTC), is slightly up 0.05 percent, trading at $3,658 at press time. Bitcoin has climbed 5.65 percent over the past 7 days amidst all but one top 20 cryptocurrencies by market cap seeing solid growth over the week. Bitcoin 7-da7 price chart. Source: CoinMarketCap Ethereum (ETH), the top altcoin that regained its place as the second-largest crypto by market cap…

Top 20 Cryptos Make Small Gains While Stocks and Oil Indexes See Green

Feb. 12 — cryptocurrency markets are seeing measured growth among the top 20 coins by market capitalization, according to data from CoinMarketCap. Market visualization from Coin360 The biggest cryptocurrency, Bitcoin (BTC), is slightly up 0.05 percent, trading at $3,658 at press time. Bitcoin has climbed 5.65 percent over the past 7 days amidst all but one top 20 cryptocurrencies by market cap seeing solid growth over the week. Bitcoin 7-da7 price chart. Source: CoinMarketCap Ethereum (ETH), the top altcoin that regained its place as the second-largest crypto by market cap…

More Oil Giants to Join Blockchain-Based Platform Vakt for Energy Commodity Trading

Chevron, one of largest American multinational energy corporations, and two other major energy companies have joined Vakt, a United Kingdom-based blockchain platform for energy commodity trading. Reuters reported on the development on Jan. 16. Along with Chevron, Total, a leading French multinational integrated oil and gas company, and major Indian refiner Reliance Industries have become members of the Vakt platform. The article stresses that the agreement is a step towards quicker and safer logistical operations. The Vakt platform, backed by JPMorgan’s Quorum blockchain technology, aims to become a digital transaction…

Abu Dhabi National Oil Company Partners IBM to Pilot Blockchain Across its Value Chain

Abu Dhabi National Oil Company (ADNOC) has partnered with IBM to pilot blockchain-based transaction management for its commodities right from the oil wells through to its end customers. The automated, blockchain-based, system will encompass oil and gas production management for ADNOC’s entire value chain including tracking, validating, and executing, transactions. As with many blockchain pilots, this one is also expected to increase efficiencies and provide greater stakeholder transparency.  A key differential, however, is this pilot’s application to the entire oil and gas lifecycle where other industry pilots have focused on key…

IBM Partners with Abu Dhabi National Oil Company for Blockchain Supply Chain System

The Abu Dhabi National Oil Company (ADNOC) has successfully collaborated with IBM to pilot a blockchain supply chain system, according to an ADNOC press release published on Dec. 9. The release notes that ADNOC — a state-owned oil company in the United Arab Emirates (UAE) — is reportedly among the world’s leading energy and petrochemical groups, with a daily output of about 3 million barrels of oil and 10.5 cubic feet of natural gas. The pilot project has “provided a single platform that tracks the quantities and financial values of…

Abu Dhabi National Oil Company announced its collaboration with IBM on a Blockchain system for the oil and gas production value chain

The Abu Dhabi National Oil Company, ADNOC, has announced its successful collaboration with IBM, piloting a Blockchain-based automated system to integrate oil and gas production across the full value chain. The groundbreaking system provides a secure platform for the tracking, validating and execution of transactions at every stage, from production well to the end customer. According to ADNOC, using Blockchain technology will reduce the time it takes to execute transactions between ADNOC’s operating companies and significantly increase operational efficiencies across its full value chain. It will also improve the reliability…

Venezuela Will Sell Oil for Petro, Maduro Says

The government of Venezuela has announced that it plans to create a basket of cryptocurrencies for the oil-backed state cryptocurrency, the Petro. This initiative will allow the government to sell oil in exchange for petros and bypass US-imposed sanctions at the same time. The sale and purchase of crude oil with cryptocurrency will begin in March 2019. President Nicolás Maduro stated on Thursday that the goal of the measure is to diversify the international market including embracing new forms of payment through cryptocurrencies from allied countries while reducing reliance on…

BP And Shell’s Blockchain-Based Oil Trading Platform Goes Live

Twitter Facebook LinkedIn CCN is expanding. Are you our next full-time journalist from the West Coast USA? Send us your CV and examples here. A blockchain-based trading platform that could assist oil majors and trading firms to drastically reduce costs is now operational. Known as Vakt, the platform which was created last year by a consortium consisting of Anglo-Dutch oil giant Shell and British Petroleum (BP), went live on Wednesday, according to Reuters. Other members of the consortium include global commodity trading firm Gunvor Group, Norwegian energy firm Equinor and energy…

Crypto and Oil Market Slumps Are Sign of Approaching ‘Flash Crash’ in Markets

Analysts from Bank of America Merrill Lynch have said that the crash in cryptocurrency and oil markets are indicators of a looming “flash crash” in markets, Reuters reported Nov. 16. The strategists reportedly suggested that rising volatility across various asset classes and deleveraging, such as that which happened in oil markets over the past weeks, are signs of the evolution of a bear market. On Nov.14, Bitcoin (BTC) price slumped below $5,400, while total market capitalization of all cryptocurrencies dropped as low as $174 billion. The price dive marked a…

Major Oil Firms, Banks Partner to Launch Blockchain Platform for Energy Commodity Trading

Major oil companies BP, Shell, and Equinor have united with large banks and trading houses to launch a blockchain-driven platform Vakt for energy commodity trading. The partnership was reported by independent news agency covering energy and commodities markets S&P Global Platts Monday, Nov. 12. Apart from the three oil companies mentioned above, Vakt includes banks ABN Amro, ING, and Societe Generale, along with trading houses Gunvor, Koch Supply & Trading, and Mercuria. The blockchain solution, first announced in November 2017, will enable major industry players to move from “cumbersome” paperwork…