Blockchain technology can help the energy industry be more efficient
BlockApps has entered into a partnership agreement with the consulting firm Optimum to develop block solutions for tracking how energy is used. BlockApps is a founding member of the Enterprise Ethereum Alliance (EEA), which focuses on applying Ethereum’s block-chain technology to various innovations. Optimum advises companies in the gas sector on the application of modern solutions.
BlockApps and Optimum developed the block-platform STRATO, which operates on the basis of cloud solutions. The platform allows companies to more effectively approach the process of organizing transactions and, generally, their business operations.
Find out the latest happenings in the crypto sector and read the most important business headlines of the day with our companion app, Born2Invest.
The block-platform STRATO as the starting point in the cooperation between BlockApps and Optimum
Optimum is a company that advises organizations in the oil and gas sector on the application of modern technical solutions. In the cooperation between the two companies, STRATO is the starting point, resulting in the development of solutions that will allow energy companies to better manage their business processes and determine the exact production and sales volumes. In addition, companies will be able to identify the best ways to deliver oil and natural gas to consumers.
This issue is currently very relevant, including for Russian companies in the area, given that on the last day of March, the barrel of Brent oil collapsed to its lowest level in 18 years. In addition, Russian Urals oil, taking into account the discount at which it trades to Brent, fell to a value last recorded in 1999.
The Bitcoin market, the only one to continue to function
On Sunday, March 8th, when almost all financial markets were closed, the Bitcoin market continued to function. As a result, there was a marked decline in Bitcoin price by 6.5%, resulting in Bitcoin entering the new week at about $8,200. The marked decline was caused by the closing of a number of long positions on Bitcoin on the BitMEX crypto exchange, as well as a decrease in institutional investors’ interest in investing in Bitcoin futures traded by the Chicago stock exchange CME Group.
On March 6th, the volume of Bitcoin futures trading on this market amounted to $88 million, the lowest level since December 3rd, 2019, when it was even lower and amounted to $67 million.
The oil market is in turmoil
On March 6th, the oil market experienced a shock: the OPEC deal with Russia was not extended during its deadline, which means that after April 1st, both OPEC and Russia are free to produce oil for as long as they deem necessary. Given that the situation with the coronavirus spreading around the world has led to revised economic growth forecasts in a number of countries, including China, investors already expected a decline in demand for oil and a decline in the price of this asset.
However, the termination of the OPEC transaction on oil production restriction from April 1st led to a collapse in the quotations of futures for WTI and Brent oil. As stocks of American oil and gas companies play a significant role in the S&P 500 index, investors expect a hard week to come. The attempts of the US Federal Reserve to inject additional money into Wall Street will face growing pessimism of investors about the prospects of significant economic growth in the world and in the USA.
For American shale oil producers, such a price situation is not comfortable either. That is why the first place at the moment is given to how to apply blockchain and other innovations to manage their own costs in the most efficient way.
The leading player from OPEC countries, Saudi Arabia, represented by the venture subsidiary of the oil giant Saudi Aramco, became an active participant of the block-platform Vakt this year. The company also received the status of one of its new co-investors.
(Featured image by TheDigitalArtist via Pixabay)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in CLICKCHAIN, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [Week 22]
This week we're waking the dead as we go back to the metaverse baby. With Apple soon announcing its long-awaited...
Bullish on Bitcoin? – Blackrock CEO Warns of “Debt Ceiling Drama”
Many bitcoin and cryptocurrency investor advocates view BTC as a hedge against inflation and debt concerns, especially as central banks...
Docline Prepares a New Round of 6 Million for 2024
Docline maintains an agreement with Mapfre, with whom it offers digital health programs to the company's policyholders; with the Ballesol retirement...
Cedacri Prices New €275M Bond to Pay €50M Tax and €150M Extra Dividend
As stated in the Report to Cedacri's 2022 Annual Report, and as recalled in the release in which Moody's assigned...
Bierzo Aire Limpio Starts Crowdfunding to Support the Legal Defense of the Environment
The NGO holds an assembly that includes a state-wide meeting against waste incineration, debates on wind and solar macro-projects, and...
Crypto2 weeks ago
The Number of Crypto Owners in Turkey Increased by 27%
Featured3 days ago
Canal de Isabel II Accelerates Towards Energy Self-Consumption
Crowdfunding1 week ago
Startup Geeks Closes Campaign on CrowdFundMe Raising €945,000
Crowdfunding5 days ago
Doorway and SeedBlink Sign a Partnership to Give More Investment Options to Investors