Global energy and commodities market information aggregator S&P Global Platts has announced the deployment of its proprietary blockchain solution that will facilitate submissions of weekly oil storage data by market participants in the United Arab Emirates port of Fujairah. The port’s Fujairah Oil Industry Zone (FOIZ) hosts the Middle East's largest commercial storage capacity for refined oil products. It involves a permissioned submissions environment where terminal operators submit data to FEDCom through smart contracts on individual private channels. "This provides additional security and convenience for terminal operators. It will allow our terminal operators to be at the forefront of technology while at the same time operating at the highest level of security."

Source: Forbes February 22, 2018 19:30 UTC