Blockchain can increase security and reduce physical commodity trade time

The current process for conducting physical refined product trades includes numerous manual steps and requires entering the same information into different systems with layers of data reconciliation. Leveraging blockchain’s distributed ledger capabilities can reduce the amount of time spent reconciling price and volume differences among trade participants by making the same data available to all parties at the same time. In addition, the solution can help reduce the transaction security risks associated with emailing documents. Oil & gas companies that leverage blockchain can improve trade accuracy, increase scheduling and back-office (e.g., invoicing and settlements) efficiency, accelerate access to trade data, and shorten the working capital cycle.