S&P Global Platts, a provider of global energy and market information, has rolled out the deployment of its blockchain solution that will help facilitate the submission of weekly oil storage data at the port of Fujairah in the UAE, according to Forbes.
The Fujairah Oil Industry Zone (FOIZ) provides the Middle East region’s largest commercial storage capacity for refined oil products. Platts already collaborates with the port as the publisher of its weekly inventory numbers. Fujairah is seeking to become a global trading hub.
Platts said the commercial deployment of the blockchain distributed ledger technology – in collaboration with FOIZ, regional regulator FEDCom and 11 terminal operators utilising Fujairah – will offer “operators security, together with ease of use, and a full audit trail to collate weekly inventory oil products storage data.”
Platts stated the blockchain technology will enhance the method by which terminal operators communicate their weekly inventory numbers to FEDCom. The new solution eradicates the need for FEDCom to undertake manual checks of each terminal operator’s numbers, reducing the possibility of human error.
