Using blockchain-based online digital platform for the oil market
Abstract. Comprehensive technical development of an Omnidirectional Platform to facilitate instant purchases and sales on the commodity markets (hereinafter - the Omnidirectional Platform) is an imperative and logical step on the way towards effective and safe ecosystem of the digital economy. Various AI and blockchain-based innovative solutions would rejuvenate the digital platform and establish a framework to compete with similar products available on the domestic and global commodity and oil markets. The goal of this paper is to find an innovative solution that would be feasible to integrate with the Omnidirectional Platform. The study is based on the blockchain use case scenarios applied across various companies, and evaluation of their benefits and drawbacks. As a result, we were able to single out a number of innovative solutions that have a potential to become a part of the Omnidirectional Platform. In this context, smart contracts represent the most suitable option in terms of functional and technical capabilities. The outcomes of this study would allow building a theoretical framework to continue investigating the incorporation of smart contracts into the Omnidirectional Platform.
Keywords: oil market, blockchain, digital economy, digital platform, information technology, marketplace, commodity markets, information technology, artificial intelligence, ERP-systems, smart contract
Highlights:
♦ innovative solutions based on blockchain technology used in the activities of domestic and foreign organizations have been studied and analyzed;
♦ the advantages and disadvantages of the practical application of blockchain technology are revealed. Based on these data, innovative solutions suitable for integration into a digital platform for the oil market have been identified;
♦ the conclusion is made about the possibility and expediency of studying the issue of integrating smart contracts into a Multidirectional platform.
Sergey I. Tereshkin, Aleksander Yu. Nefedov, Oil Resource Group LLC, Moscow, Russia; Vladimir A. Babkin, research@org-market.com