The US oil market is first tested blockchain

The Dutch raw material trader Trafigura and the French bank Natixis are studying the possibility of using blockchain for transactions in the US oil market. About this writes Financial Times.

The technology optimizes the workflow, reduce costs and save time, the head of the global energy and raw materials Natixis Arno Stevens told the newspaper. Due to this, it will be possible to increase the volume of oil purchases, he said.

Trafigura and Natixis noted that this will be the first blockchain test in the American physical oil market.

In January, adds FT, the Swiss Mercuria trader began to introduce this technology for the supply of African oil to China.

Blockchain (chain of transactions blocks, Blockchain) is a cryptographic protocol originally created as a distributed database for Bitcoin.