Blockchain 

Oil and Gas Giant Pilots New Blockchain Platform From Modex

Blockchain startup Modex announced the launch of its blockchain-based database platform for simplified blockchain deployment, which will be piloted by Dietsmann, a major oil and gas firm. Simplifying blockchain adoption  On Sept. 19, Modex announced the release of its latest product, the Modex Blockchain Database platform (Modex BCDB) which simplifies the way companies can deploy blockchain technology projects. According to the announcement, Modex BCDB enables companies to start blockchain projects in just a few hours, instead of days or even months. Mihai Ivascu, CEO and founder of Modex said: “With…

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Blockchain 

Thai Oil and Gas Firm Develops Blockchain-Based Renewables Platform

Thai state-owned oil and gas company PTT and blockchain energy nonprofit Energy Web Foundation (EWF) are jointly building a blockchain-based renewables platform. According to a press release shared with Cointelegraph on Sept. 11, the parties are developing a regional solution based on the Energy Web Chain. The new product will also be compliant with the International Renewable Energy Certificate (I-REC) Standard, which certifies renewable energy sources. I-REC certificate demand Energy producers can apply for I-REC tracking certificates from an issuer appointed by a government or trade organization. Once the tickets…

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Blockchain 

Oil Giants Hire Blockchain Startup to Manage Water in Bakken Fields

A consortium of oil companies including Exxon Mobil, Chevron and Royal Dutch Shell looks to blockchain to manage water used in oil extraction in North Dakota’s Bakken oil fields. Oil and water As Reuters reported on Sept. 10, the Offshore Operators Committee (OOC) Oil & Gas Blockchain Consortium has awarded a contract to blockchain startup Data Gumbo to pilot water handling technology in North Dakota’s oil fields. Per the report, Data Gumbo will use blockchain to automate payments and deploy their GumboNet platform to manage and synchronize wastewater data. One…

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Blockchain 

Shell and Sinochem Discuss Blockchain Platform for Crude Oil

A subsidiary of Chinese oil and chemical giant Sinochem Group is reportedly in discussions regarding a blockchain platform with Royal Dutch Shell and Australian financial services firm Macquarie Group. As Reuters reported on Sept. 5, sources familiar with the matter said that Sinochem Energy Technology entered into negotiations with the two companies to examine the development of a blockchain platform for crude oil in July. $14 million blockchain platform The planned blockchain-based platform is reportedly dubbed Gateway, with a value of 100 million yuan (~$14 million). Sources also revealed that…

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Blockchain 

Firm Accused of Touting ‘Snake Oil Crypto’ Sues Conference Organizers

A cryptocurrency firm heckled at the Black Hat hackers’ conference is suing the event organizers for failing to protect it from the audience’s barbs. Crown Sterling — which some attendees have characterized as “a piece of snake-oil cyber marketing” — filed its complaint with the United States District Court for the Southern District of New York on Aug. 22. Hackers accuse firm of “suing over booing” At Black Hat, Crown Sterling had presented its development of what it dubs “quantum AI encryption technology” — a purportedly more robust “five-dimensional encryption”…

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Ethereum 

Oil Markets Could Save 30% With Blockchain, Data Gumbo CEO Says

Global oil operators can save at least 30% by using blockchain in their infrastructure, according to data by blockchain startup Data Gumbo. Andrew Bruce, CEO of American blockchain startup Data Gumbo, discussed blockchain-powered automated contract execution in the oil industry on Bloomberg Commodities Edge on July 19. When asked how much oil industry players can save by implementing blockchain applications such as blockchain-based contract execution instead of traditional paper contracts, Bruce argued that such solutions could save at least 30%, referring to internal studies by the company. According to Data…

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Blockchain 

Crypto Markets Continue Trading in Red, Oil Reports Losses

Thursday, July 11 — major cryptocurrency markets are trading in the red zone, with just a few coins reporting moderate gains, according to Coin360. Market visualization courtesy of Coin360 The leading cryptocurrency Bitcoin (BTC) has continued coming down after yesterday;s sharp drop to trade at around $11,740 as of press time. The coin has lost 4.39% over the past 24 hours. During the day, Bitcoin has been trading in a narrow corridor between $12,191 and $11,377. As reported earlier today, Bitcoin trading in Zimbabwe has continued to surge after the government…

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Bitcoin 

Locals Allegedly Laying Cable via Fish Ponds to Steal Oil Well Power for BTC Mining

Police in China have reportedly gathered evidence of people laying cables via fish ponds to steal oil well power to fuel their bitcoin (BTC) mining. The news was reported by daily Chinese tabloid The Global Times on June 13. The Global Times is published under the auspices of state-backed newspaper group The People’s Daily. The report outlines that the Green Grassland Police Station of the Qiqihar District Public Security Bureau were alerted to the alleged power theft after receiving a call from the head of oil production at Daqing Oil…

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Bitcoin 

Bitcoin Recovers to Trade Above $8,000, Oil Market Reports Losses

Monday, June 10 — The top 20 cryptocurrencies on CoinMarketCap are showing mixed signals, with bitcoin (BTC) back over the $8,000 price mark after seeing a dip under $7,900 on June 8. Market visualization from Coin360 As of press time, bitcoin is up 2.18% on the day to trade at around $8,029. The leading cryptocurrency started the day as low as $7,680, subsequently reaching the current price point. On its weekly chart, the coin has lost slightly over 8%. Bitcoin price analyst Oliver Isaacs said last week that the coin…

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Blockchain 

Barrels of Oil May Be Paid for Using Crypto One Day, Head of Russian Energy Giant Says

The head of Russian oil company Rosneft has not ruled out the possibility of paying for oil using cryptocurrencies in the future, according to a report by Snob.ru on June 6. Igor Sechin said the industry’s acceptance and awareness of digital assets is beginning to rise as Silicon Valley tech giants including Google, Amazon and Apple begin to explore the oil and gas sector. While he suggested that the stablecoin Facebook is currently developing could one day be used to purchase oil by the barrel, Sechin warned there are some hurdles…

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