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Blockchain conquers oil sector – TREND CRYPT


There is no sector in the world that cannot be conquered by Blockchain technology. And, there are so many advantages of blockchains for any company, organization or government. That its adoption has ended up representing a symbol of progressivism and technological vanguard worldwide. Which includes the oil sector, one of the most important for the global economy.

Oil and Blockchain

If something defines the last century of human history, it has been the era of oil. And it is that, the immense economic growth that brought well-being and prosperity for all the countries of the world. It would never have been possible if it were not for the existence and exploitation of oil.

The electrical energy that illuminates our homes and gives power to the industry worldwide, and the fuel that makes our cars start and move us day by day. Both things come essentially from oil, and they are elements without which it is impossible to think about the existence of a modern society.

Therefore, the reason behind the enormous power achieved by large oil companies is clear. Which end up becoming the most profitable business in the world. And occupying positions of power and influence over the governments of dozens of states.

Thus, the oil sector, due to its own importance and the dynamics of its market, also becomes a mature sector for technological disruption. Especially in an era in which the emergence of alternative energies, is forcing large energy companies to renew to remain competitive. An objective that the Blockchain can serve perfectly.

Aramco in the Blockchain

And this seems to know very well Aramco, the state company of Saudi Arabia. Responsible for the exploitation of oil in its territory. Which, has recently invested in the acquisition of shares in VAKT worth 5 million dollars, a company dedicated to Blockchain technology. In addition to joining its platform.

Aramco’s objective with this purchase would be to simplify the processes used in the company. By drastically reducing bureaucratic paperwork, and with it the delays in the execution of the company’s plans, while increasing its efficiency and productivity.

«VAKT has shown that its platform has the potential to digitize what is currently a manual process. Taking advantage of Blockchain theory and applying it to the complicated world of post-commercial processing, VAKT has made a compelling launch.«, Comments on VAKT the security analyst in Kaspersky Pavel Pokrovsky.

In addition, when we remember that Blockchain technology also helps improve data protection within an organization. We realize the enormous competitive advantage that Saudi Arabia and Aramco would be acquiring with this investment.

A trend that will probably be followed more and more companies in various sectors. As being competitive becomes more and more a necessity that goes beyond Aramco, and I reached all sectors of the economy. What makes this investment our Data of Today here in CriptoTendencia.

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International Studies student, interested in economics and international politics. Passionate about the progress of the Fourth Industrial Revolution in general and cryptocurrencies in particular.

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