How is blockchain technology development helping the petrochemical industry

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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.
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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 Chinas
petrochemical industry in the future will help
improve the transparency of the transaction
business in Chinas 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 cant 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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