Nations like Russia, Venezuela, and Iran that own the biggest oil reserves on the planet are making their own oil digital currency. It’s been quite a while since oil industry has been going ahead at a normal pace. Presently, with blockchain and digital currency market looking at this area, there’s surely going to be a move.
Everything began when Venezuelan president Nicolas Maduro chose to battle the hyperinflation and US sanctions with the presentation of petro. A $5 billion digital currency that is backed by the oil, gas, gold and diamond reserves of Venezuela.
The economy of this country is to an expansive part in light of the petroleum sector. On the planet’s highest oil reserve countries, Venezuela is at the top with 300 billion barrels of oil that sums around 20 percent of world’s aggregate oil reserves. With regards to OPEC members, the nation is the 6th biggest member.
With the introduction of “petro” and “petro gold”, and having success in the opening day sale of petro digital currency, different nations are currently pulled in toward this crypto course, particularly those with oil reserves.
Russia produces around 12 percent of world’s oil and is a tremendous contributor of oil exports also. As of late, the nation chose to launch its own digital currency called “cryptorouble”.
Presently, on the heels of Venezuela, Iran, another nation with colossal oil reserves is mulling over launching their own national digital curency. With 150 billion barrels of oil reserves, Iran falls at fourth rank in world’s oil reserve countries. Be that as it may, the nation is still in the planning phase of making their own digital currency.
As of late, Global Platt deployed the blockchain innovation to track the oil information inventory of the UAE. The point to be told here is that UAE positions among the top 10 countries with highest oil reserves.
Blockchain that can possibly disturb about each sector has now got into the oil industry that will help in enhancing the old and efficient techniques while making the procedure considerably quicker and effective.
It would appear that a crypto change is clearing over the oil industry. With countries and significant companies going the way of digital currency and blockchain, a displacement in the multi-billion dollar oil sector is absolutely occurring.