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HashCash Collaborates With Major Oil Corp To Manage Supply Chain

Jyoti Singh by Jyoti Singh - 08:19 PM Feb 21, 2020
HashCash Collaborates With Major Oil Corp To Manage Supply Chain

As per the latest announcement, the HashCash Consultants has partnered with a major oil corporation to support the management of oil supply with Blockchain. The US-based software company would lend its Blockchain network, HC Net, to the major oil corporation of UAE, so that it could support the company with a DLT platform.

Main Aim Of Collaboration 

The main aim of the collaboration is to update the business model and supply chain operations of the oil industry.

Recently, while talking about HashCash’s collaboration with UAE-based oil corporation, the CEO of HashCash Consultants, Raj Chowdhury,
“The Global Oil industry still operates on a fragmented and outdated infrastructure that needs immediate reformation. HashCash along with our partner oil corporation seeks to fortify the existing processes with Blockchain to create a more transparent ecosystem of oil production and trade.”

How Blockchain Can Help Oil Industry

A report stated that in the Oil Sector, Blockchain Modernization is needed because being an important natural resource the oil helps countries to increase the global economy.

Blockchain could also be used to tackle the issues related to the oil, gas and energy sectors.

The report further stated that at present, multiple areas in the oil industry like transparency, accountability and also regulations, that demanded attention, and by offering its network to the partner, the HashCash Consultant helps them to find the solution to those issues.

The HashCash would streamline the oil trades as it (oil-trading) involved a lot of back-office processing. After collaborating with HashCash Consultant, all the transactions of UAE-based oil corporations would be settled over the Blockchain platform and that would make the transactions transparent and traceable. It has been reported that after the merger all the information, whether it is related to the extraction of fossil fuels, or production or distribution of oil could be seen on a ledger which would be shared by both the parties.

About The Author
Jyoti Singh

Jyoti SinghGraduated from GGSIPU and did PG Diploma in English Journalism from IIMC. Last worked at Business News and Information Services Ltd. for more than one and a half years as a sub-editor.

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