S&P Global Platts released a blockchain-based product that “will allow market participants to submit weekly inventory oil storage data” to the United Arab Emirates’ Fujairah Oil Industry Zone (FOIZ) and the relevant regulator, FEDcom. “In collaboration with FOIZ, FEDCom and the 11 terminal operators that use the flagship Middle Eastern facility, S&P Global Platts has developed a full scale commercial deployment of the Blockchain distributed ledger technology,” a press release documenting the new product says. “This offers FOIZ and its port operators security, together with ease of use, and a full audit trail to collate weekly inventory oil products storage data.” Back in November , British Petroleum, Royal Dutch Shell, and a slew of other traders formed a consortium to release a similar blockchain-based product, but it seems Platts beat them to the punch. In another pilot program, BP began working with Italian supermajor Eni, and Austria’s Wien Energie […]