Russian oil trader began the industrial use of the blockchain platform PROLEUM

Oil trade company petroleum trading is one of the largest independent wholesale suppliers of petroleum products and LPG in Russia, began commercial operation platform PROLEUM to conduct transactions on the blockchain.

In February this year, the company made the world’s first deal with oil on the blockchain, before that there were cases deals only with the oil and tanker shipments.

The use of the blockchain in the oil market caused a great resonance from the public and media:

«Most companies don’t understand what the blockchain. Large – want to have promising developments, and small companies understand that there is technology that simply cannot be missed. However, the simplicity and ease of use of the blockchain, no one is aware and not in a hurry to implement», — says the managing partner of a petroleum trading Maxim Dyachenko.

At the end of a successful first trades the company went on. The developers have prepared a new advanced platform PROLEUM and June 29, proceeded to its industrial use.

«After the first transactions, we conducted a detailed analysis of the results and revision of our it system. We called a streamline platform PROLEUM, it is formed from two words Prometey – Prometey, hero of Greek mythology who gave fire to people and Oleum – Latin for oil. Our goal is to bring the blockchain and digitalization of Russian and international oil markets. Also for us it is reduced operating costs, ease and speed for our customers», continued Maksim Dyachenko.

«The platform is in this version still does not imply the use of cryptocurrency. In the plans, in the next six months to transfer the blockchain 30% of our counterparties and the next year fully to conduct transactions only in the blockchain with all customers. We have already finished our investment Memorandum and ready for publication. I want to note the coordinated work of the whole team, which allows us to implement this large-scale project exactly in accordance with the schedule,» concluded the Managing partner of petroleum trading.

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