In the world of growing oil demand, lower oil prices, and increased digitalization, oil traders and oil firms continue to push for efficiency gains—the favorite buzzword during the downturn. Energy firms have slashed costs in the upstream and continue to seek cost cuts wherever and whenever possible, while commodity traders look for higher profit margins in the constantly growing seaborne oil trade that is worth billions of dollars a day. The digital revolution and the drive for increased efficiency have pushed big oil buyers, sellers, and traders to start adopting new technologies in the business that has been very much dependent—for more than a hundred years—on paper bills of lading and the actual exchange of physical paper documents that travel around the world with the oil tankers. Now, some of the biggest oil firms, oil trading houses, and banks have started using blockchain—the technology best known for the system […]