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China’s Oil and Gas Kingpin Sinochem To Develop Blockchain Platform With Shell And Macquarie

Blockchain technology is being used in various industries as more applications for groundbreaking technology are developed. A group of energy companies has come together to build a blockchain platform for the energy industry. Sinochem Energy Technology Co Ltd has entered into negotiations with Macquarie and Royal Dutch Shell in a bid to develop a blockchain-based […]
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Chinese Sinochem Unit Set to Launch Blockchain for Oil Trading with Shell

Coinspeaker Chinese Sinochem Unit Set to Launch Blockchain for Oil Trading with ShellA subsidiary of Chinese State Oil Group Sinochem, Royal Dutch Shell, and Macquarie Group are set to build a blockchain for crude oil trading. Citing three industry sources who are based in Beijing, Reuters reports that this follows the signing of an MOU in July between Shell and Macquarie to Build an energy-based blockchain platform.The incubator unit that will handle the project has been identified as having “great potential”. The Blockchain project referred to as “Gateway” has an initial valuation of 100 Million Yuan ($14.10 million).A Breather for Sinochem’s Technology UnitShould all go well, this project will bolster Sinochem’s technology unit which has been posting significant losses since its inception. According to one of the sources:“Sinochem group has set an internal deadline for the technology firm to bring in strategic investors by the end of September, or the latest October, because the firm is in deep loss.”Created in August 2017 with registered capital of 1 Billion Yuan, the technology unit was created to create solutions that will smoothen Sinochem’s planned privatization of its regular energy businesses. Over 600 Million Yuan is said to have been invested in the said unit.Oil Heavyweights Go Big on Blockchain TechnologyThere are reports that Sinochem Group is already holding discussions with PetroChina Co. and COSCO Shipping Energy Transportation Co Ltd, a unit of COSCO Shipping in order to invest in Gateway. This indicates that Sinochem Group is extremely interested in keeping ahead of the curve as regards new technologies.Several major oil industry heavyweights have also invested in blockchain projects in what appears to be the beginning of an industry trend. Royal Dutch Shell, British Petroleum (BP) and a group of oil giants (including Norway’s Equinor, Mercuria Energy Group, Koch Supply and Trading, and Gunvor) last year invested in a blockchain project that fully automated their post-trading activities.The project called Vakkt is now hailed as the World’s first energy blockchain platform. Operating independently of the members of the consortium that implemented the project, Vakkt has been considered a huge success.Blockchain projects backed by real assets such as real estate, gold or crude oil tend to do well in their respective sectors. This happens because the blockchain implemented in each situation interprets the processes and procedures that formerly existed on the ground in a transparent way and manner.Blockchain technology now improves upon these processes to further increase transparency, reduce cost and eliminate waste in terms of resources. It further serves to increase the value of the assets as operational costs in delivering and maintenance of such assets on the ground drop significantly.Two years ago, Jaguar and Shell implemented app payments for fuel directly from cars that have the shell app installed. Drivers can now pay without having to leave their cars. If such payments become handled on an independent blockchain, supply stations will be able to see in real-time how much is being made.The logistics supply chain will become seamless and there won’t be the need for transaction and delivery confirmation of products.Chinese Sinochem Unit Set to Launch Blockchain for Oil Trading with Shell
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Chinese oil giant Sinochem’s unit plans blockchain platform with Shell, Macquarie

Sinochem Energy Technology, a subsidiary of Chinese state-owned oil and gas giant Sinochem Group, is planning to launch a blockchain platform with Shell and Macquarie. Reuters reported the news on Thursday, citing "three Beijing-based industry sources." Shell and Macquarie reportedly signed a deal in July to explore developing a blockchain platform for crude oil. The two companies could also invest in Sinochem Energy. The blockchain platform, dubbed Gateway, is valued by Sinochem Energy at 100 million yuan (~$13.99 million), per the report. The firm initially planned to bring in investors by the end of September, or the latest October, because it is in "deep loss." Gateway platform aims to reduce trade and settlement inefficiencies, improve transparency and reduce the risk of fraud. Sinochem is also said to be in discussions with PetroChina Co and COSCO Shipping Energy Transportation Co Ltd, an affiliate of COSCO Shipping, for investing in its blockchain platform. Interestingly, Shell already supports another oil blockchain platform in an association with BP, which is built by Vakt Global. The platform facilitates the trade in crude oil between commodity firms.
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High ETH Prices Are (Finally) Good For Ethereum

Things are looking pretty bullish for Ethereum (ETH). The Ether price has surged by over ten percent in the past couple of days, and crossed above the psychological $200 barrier earlier this afternoon. That could be a strong buy signal for technical traders, as Crypto Briefing analysts reported yesterday.   Source: CoinMarketCap How High ETH Prices Harm Ethereum But what does a high Ether price mean for the smart contract network? There’s an obvious benefit for speculators and miners. But past experience has shown that anyone seeking to build dApps or just use the network could be severely hampered when markets turn bullish. That’s because the higher ETH prices get, the more expensive it is to use the platform. Users have to pay for everything they do on the network, from smart contract computations to token transfers. Rising gas fees could push end-users onto cheaper alternatives, like EOS or TRON, which offer similar functionality with lower fees. At least, that’s the received wisdom, which so far seems to be supported by experience. And it’s still technically true today: when it comes to using the ETH network, the downsides of a high Ether price tend to outweigh the advantages. Does Expensive ETH Mean A Stronger Network? However, Ethereum is (eventually) transitioning towards a Proof-of-Stake consensus model, which will require a financial commitment in order to participate. Instead of mining blocks through proof-of-work, block-producing nodes will have to stake ETH tokens as collateral in order to validate the network. That could have a significant impact on Ether’s market dynamics. Stakeholders will risk losing their hodlings if they fail to maintain connected and up-to-date node software. An expensive ETH would provide a strong disincentive to malicious or careless actors on the network. “If the chain is going to be secure, then there are inherent benefits from having high-valued Ethereum,” explained Nic Carter, Partner at Castle Island Ventures, in an interview with Laura Shin. A high Ether price, he added, would also provide “high-powered collateral, for DeFi applications for instance.”  Carter also pointed out that most networks have become too preoccupied with one or two “glamour metrics,” which may burnish their credentials but do not represent credible advantages. EOS, for example, has focused solely on scalability at the expense of decentralization. One tradeoff of those high speeds is that EOS relies on a small group of validators, which could present a systemic risk if they decided to collude or otherwise abuse their privileged positions. Ethereum’s key advantage is that it is the only platform with a vibrant community, Carter added, which comes with an “organic groundswell of usage and development.” Because of that organic usage, investors may be attracted to hold ETH for the long-term. “I think we noticed a little bit of a recalibration where initially [Ether] was computational gas,” Carter went on to say. “More recently, certain high-profile Ethereans have been saying, ‘well actually Ethereum itself is money.'” A strong Ether price could still push people off the network, but the community has been exceptionally resilient to market volatility and rival platforms over the past two years. The burgeoning DeFi space, and the added security after transitioning to Proof-of-Stake, could make high prices a net positive for the Ethereum network. The post High ETH Prices Are (Finally) Good For Ethereum appeared first on Crypto Briefing.
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