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Trafigura, French Bank Partner on Blockchain Oil Revolution | Bitcoin Upload
Trafigura and Nataxis, the French bank, have partnered to "streamline" the sales process for crude oil. US oil trader Trafigura has teamed up with French bank Natixis to use Blockchain for "streamlining" its sales process. After a series of successful trials which began in November, both sides are now convinced that the technology could significantly impact on the efficiency of selling crude oil. Currently, the sales chain involves "exchanging contracts, letters of credit, inspection and other paperwork by email or fax," the Financial Times reports. "By using Blockchain, the goal is to streamline the workflow," Arnaud Stevens, New York head of global energy and commodities at Natixis, told the publication. The investigative move is the latest in Blockchain's steady entry into global commerce, having previously seen success in international shipping. IBM and Maersk most recently announced a partnership which is aiming to deliver a