Blockchain Adoption Chronicles #1

As all of us know, cryptocurrency adoption is not standing still. So, today we are going to tell you about oil companies, central banks and even about art. Let’s start, then?

Oil companies switching to blockchain

World’s leading oil companies such as BP, Shell, and Equinor developed the Vakt blockchain plat­form and are going to launch it to­gether with sev­eral banks and fuel and en­ergy traders like ABN Amro, ING, So­ci­ete Gen­erale, Gun­vor, Koch Sup­ply & Trad­ing, Mer­cu­ria. The new tool will help the com­pa­nies to trans­fer the con­clu­sion of trans­ac­tions re­lated to en­ergy re­sources to the dis­trib­uted ledger tech­nol­ogy.

The largest oil com­pa­nies ex­pect that Vakt will help to get rid of pa­per­work be­cause smart con­tracts can re­place a lot of doc­u­ments. The new sys­tem that has been de­vel­oped for the past year will in­crease the ef­fi­ciency of trans­ac­tions and save time.

Thus, it is expected that Vakt will cut document-related costs by 40%. Therefore, The part­ners plan to de­velop sim­i­lar so­lu­tions for petro­chem­i­cal prod­ucts and gas.

Central banks of Singapore, UK and Canada propose cen­tral bank dig­i­tal cur­ren­cies

According to the joint report called “Cross-bor­der in­ter­bank pay­ments and set­tle­ments”, the re­serve banks of Canada, Sin­ga­pore and the United King­dom be­lieve that the cen­tral bank dig­i­tal cur­ren­cies (CBDC) will help to deal with over­com­ing prob­lems in mak­ing in­ter­na­tional pay­ments.

Thus, the research states that with the digital currencies the an­nual num­ber of in­di­vid­ual and cor­po­rate in­ter­na­tional pay­ments will in­crease by 5.5% and will reach $30 tril­lion by 2022, while in 2016 this amount was $22 tril­lion. Switch­ing from ex­ist­ing bank­ing chan­nels for mak­ing in­ter­na­tional pay­ments to new rails will help to cope with a num­ber of emerg­ing is­sues.

Cryptocurrency credit cards become a reality

Pre­vi­ously known as cryptocurrency project Monaco, the com­pany in a joint en­deavor with Visa announced that it will be is­su­ing Visa & crypto credit and debit cards in the United States of America. Earlier these cards became very popular in Singapore, the most advanced and technology savvy place in the world.

These are the first steps to­wards brighter crypto fu­ture, where mass adop­tion of dig­i­tal cur­ren­cies could have us using crypto bankcards which allow us to pay with this or that cryp­tocur­rency. How­ever, this is still a great break­through, even five years ago some­thing like this was un­think­able and now one of the world lead­ing fi­nan­cial ser­vice com­pa­nies is pair­ing with a crypto firm to be part of this pros­per­ous sphere.

We are moving towards that day when cryptocards, crypto shopping, central bank digital currencies and all other crypto staff will become a standard for successful and comfortable living.

Buy goods with STQ: https://storiqa.com/

Follow us in Facebook and in Twitter to read useful articles about selling worldwide