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How Blockchain Can Revitalize the Petroleum Industry

Finding blockchain use in the petroleum industry takes a search. Although a large number of sectors have embraced blockchain technology, the petroleum industry has been slow to embrace it. Recent research shows that 72% of petroleum executives expect the blockchain to disrupt the industry.

Undoubtedly, searching under the earth's surface to find natural resources is far from exploring how the blockchain could benefit the energy sector. But with the way ledger technology has spread across finance, automotive, health care, and agriculture, petroleum companies have begun to think that blockchain technology could offer them something.

Let's take a look at how the blockchain can benefit the petroleum industry. Finally, we will look at one usage case that shows how the blockchain is already transforming the petroleum industry.

1. Digital crude oil sales- Using a blockchain, crude petroleum transactions can be digitized which ensures improved security, improved visibility, and improved productivity. Natixis, a French commercial bank, was the first to pioneer a blockchain solution in the US petroleum retail trade.

2. Improved trust between business groups - A confidential blockchain system can securely keep a proxy record and contract employee certificates (H2S preparation, first aid, welding, etc.). In increasing trust between organizations and workers/contract representatives, such a blockchain system can help reduce rental costs while ensuring improved safety and performance.

3. The cryptocurrency identified in Oil- Since oil is one of the most important non-renewable energy sources in the world, the digital currency identified in it could be a real substitute for traditional financial transactions. In this case, such a cryptocurrency could enable the direct exchange of prices between different organizations in the business without the need for a consultant like a bank.

4. Improved compliance - The petroleum industry is one of the world's most regulated industries with environmental and tax compliance. Regulatory authorities will have the option to improve business visibility as all transaction information is stored in a blockchain with real-time access.

5. Improved world record management - It is fundamental for petroleum organizations to effectively manage land contract records relating to investments worth $ 1 million. The normal process for keeping such a record is complicated and prone to fraud and other illegal activities. Such important documents can be stored in the blockchain, which can make an unalterable record of land ownership, transfer, and value. In Georgia and Ghana, where there are high levels of land ownership disputes, blockchain technology is considered a viable solution.

6. Advanced Internet of Things Object-IoT is a system of connected computer tools or devices that can transmit system information. The petroleum industry relies heavily on IoT devices to test performance and maximize performance. But the catch is, that the current IoT models rely on intermediate communication models as a server/client model. Despite the proximity, these IoT devices need to transfer information to the web and rely heavily on intermediate storage solutions that can be on the radar of cyberattacks. To prevent the system from such an attack one can use a world-class model that stores all the information about peer fashion and thus provides additional security and transparency in the system best cryptocurrency exchange platform.

7. Hydrocarbon Tracking- Blockchain technology can be used to track controlled substances such as hydrocarbon continuously at each stage of the supply chain process. This can help to improve business accountability.

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What is Dogecoin and why is it so interesting today?

Unlike bitcoin, the creator of Dogecoin is well known - his name is Jackson Palmer. He founded cryptocurrency in 2013. The reason was the first major boom around Bitcoin and the formation of the first “cryptocurrencies”: the new cryptocurrency led to real success. Palmer decided to make a joke and created his own coin to show everyone that investing a lot of money in this volatile direction is absurd.

Dogecoin is a fork of Luckycoin and Luckycoin is a fork of Litecoin. Therefore, they tend to simplify and claim that Dogecoin is based on Litecoin. An interesting fact is that cryptocurrency is named after a doge meme, a Shiba Inu dog.

Dogecoin gained even more trust because it was targeted with good intentions, which are organizations that help the community. Dogecoin has launched its own fundraiser, supporting global charity programs. It is also easy to use Dogecoin to transfer money between transactions due to its speed and low cost.

Dogecoin, it should be noted, is among the ten most sought-after coins as well as Tether, Cardano, XRP, and other currencies.

It should be noted that cryptocurrency began to grow in price:

The first major cryptocurrency price hike occurred in early 2018, when one Dogecoin cost $ 0,0183, dropped another zero.

In December 2020, the Dogecoin rate was $ 0.00025 per coin, and a month later it was already $ 0.0023: up 10 times a month.

Since its inception, cryptocurrency has risen in price by more than 7000%, has been traded on all popular trades, and has been included in the list of the most popular cryptocurrencies.

Elon Musk also wrote several tweets in support of most secure crypto exchange, started sending memes, etc. As a result, Dogecoin has risen 50% in just hours. Later, he called for an investment in bitcoin, and it was reported that Tesla had invested $ 1.5 billion in bitcoin. As a result of this news, the market moved again, and bitcoin rose to $ 47,000 new.

No good ideas and technologies "will change the world" behind Dogecoin. At the same time, the bulk of the project is $ 10 billion at the time of writing.

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What is Litecoin (Litecoin)

At the time of recording the video, Litecoin cryptocurrency was ranked fifth in terms of currency, by the way, on my YouTube channel there was a video on this topic - "5 top cryptocurrencies in capital letters" and Litecoin could not get to the top. five. But at the time of recording a special video about this cryptocurrency, by the way, it is made at the request of one of the channel viewers, and each of you can order a new video title or title in the comments. Thus, the largest amount of Litecoin at the time of video recording was $ 2.89 billion, and the price of one cryptocurrency unit was $ 54. In 2017, the cost of litecoin changed dramatically and simultaneously exceeded the mark of - $ 70, and the record for this cryptocurrency is currently $ 90. The sharp rise in the price of Litecoin occurred after the SegWit protocol came into effect, and the Lightning Network support network was introduced, allowing free transactions. I will talk about this network separately at the end of the article.

Some useful information. Litecoin is actually the first cryptocurrency fork of Bitcoin. In fact, founder, designer, and businessman Charlie Lea took the bitcoin source code as a basis, modified it slightly, and made changes to the mining process. This is how the Litecoin cryptocurrency was born, there is nothing illegal about this, because. some digital currencies are built on the basis of bitcoin.

It is also important to know about litecoin that, in parallel with its original bitcoin, its issuance is limited and estimated at $ 84 million, it will no longer exist. Initially, the project was conceived as a bitcoin-linked network, which would operate at high speeds, and as a result, trusted cryptocurrency exchange be able to quickly exchange cryptocurrency between them. The idea is that instead of sending bitcoins, you convert them into bitcoins, send them to the recipient, and convert them back into bitcoins. Such services are supported by almost all specialized services, and low cost and fast network performance make it profitable compared to sending bitcoins via a native network. By the way, today bitcoin is accepted as a payment method in many retail chains and online stores, and there is more trading interaction with it than bitcoin.

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