PALO ALTO, Calif., Feb. 21, 2020 /PRNewswire-PRWeb/ -- HashCash Consultants has announced their collaboration with a major oil corporation, for a Blockchain-based oil supply chain. They will lend their Blockchain network HC Net to the UAE based partner corporation to aid them with a DLT platform. The aim is to modernize the existing archaic business model and supply chain operations of the oil industry. By optimizing the legacy system both parties intend to bring values of transparency and enhanced security into the overall supply chain and oil trading processes.
Talking about the latest collaboration, Raj Chowdhury, CEO of HashCash Consultants, mentioned…
"The Global Oil industry still operates on a fragmented and outdated infrastructure that needs immediate reformation. HashCash along with our partner oil corporation seek to fortify the existing processes with Blockchain to create a more transparent ecosystem of oil production and trade."
The Need for Blockchain Modernization in the Oil Sector
Oil as an important natural resource is fundamental to the development and growth of the global economy. It is also essential for maintaining political stability across geographies. There are a lot of issues with the oil, gas and energy sector that needs attention and major reformation.
As governments all over the world strive to deal with global warming issues, there is a significant lack of regulatory compliances related to the extraction of fossil fuels. This has instigated an immense pressure on oil companies to bring accountability into their operations.
It is common knowledge that oil companies generate substantially high profits, attracting both ideological and political enemies. The fact that most of the oil-rich regions are situated in geographies ridden with conflicts, worsen the situation.
All of these issues directly affect the overall trade and supply chain of oil on a global scale. For an industry that holds so much relevance in shaping the world economy and political ideology, the business module that it follows is quite obsolete. The present situation has urged the major oil corporations to tap into the Blockchain potential to reform the old ways.
How HashCash Proposes to Help?
There are multiple areas within the oil industry that demands attention. The supply chain needs accountability and transparency in the way the fossil fuel is extracted and whether the companies are being compliant with the set regulations. Streamlining of the convoluted process of oil trade needs tweaking as well along with fortification of the security protocols.
HashCash Consultants is offering its partner corporation with the HC Net platform to address these issues and find solutions to the same.
Oil trade involves a lot of back-office processing, which will be streamlined by HashCash. They intend to conduct all transactions from initial trade to the end settlement over the Blockchain platform, making it transparent and traceable.
All relevant information concerning the extraction, production, and distribution of the oil will be recorded in the shared ledger, providing evidence on whether the company is compliant with the environmental regulations.
Such a system, when implemented globally, will hopefully eliminate the chances of terror funding and money laundering associated with oil trade as well.
About HashCash Consultants
HashCash is a global software company. HashCash Blockchain products enable enterprises to move assets and settle payments across borders in real-time for Remittances, Trade Finance, Payment Processing and more. HashCash runs US-based digital asset exchange, PayBito & digital asset payment processor, BillBitcoins. HashCash offers white label crypto exchange and payment processor software solutions, cryptocurrency development services, ICO services and customized use cases.
HashCash propels advancement in technology through Blockchain1o1 programs and its investment arm, Satoshi Angels. HashCash offers solutions in AI, Big Data and IoT though its platforms, products & services. HashCash solves the toughest challenges by executing innovative digital transformation strategies for clients around the world.
SOURCE Hashcash Consultants
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