Turbotodd

Ruminations on tech, the digital media, and some golf thrown in for good measure.

Archive for the ‘petroleum’ Category

Big Earl

leave a comment »

And you thought Apple was the world’s most profitable company?

Ha!

You’d be off by a factor by 2, at least for 2018.

According to financial data revealed in a note from Moody’s the Saudi oil company Aramco made $111 billion last year.

By comparison, Apple, currently the world’s most profitable public company, made $59.4 billion, which is about half as much as Aramco.

Aramco’s total revenues last year were $355.9.

And now for some golf news. Kevin Kisner won the WGC Dell Technologies Match Play championship here in Austin, Texas this weekend, beating out Matt Kuchar on a very windy and chilly Sunday final match, 3 and 2.

It was sweet vindication after Kisner took a drubbing by Bubba Watson in last year’s final match.

And ICYMI, Sergio Garcia brought more drama to the Austin Country Club golf course in his new adopted hometown (his wife went to UT). Here’s the deets. 

This Saturday, be prepared for a new marquis event, the inaugural Augusta National Women’s Amateur played at — can you guess — Augusta National, where The Masters will be played a week later. Golf season is in full swing (See what I did there?)

Airbnb is taking over some rooms in India, having invested between $150 and $200 million in Indian hotel startup OYO, ahead of its IPO. 

TechCrunch is reporting that the deal had been rumored for a couple of months and was additional to OYO’s prior $1 billion Series E round. The background:

OYO and Airbnb had previously been rivals of sorts, but OYO has pivoted towards hospitality services — including logistics and management — rather than simply aggregating budget hotels. Airbnb, with its HotelTonight acquisition, has shown it wants to be a booking destination across different types of verticals.

Geographically, the deal makes even more sense. Airbnb has been keen to take a larger bite out of India for some time. It has begun to see progress, with co-founder and CSO Nathan Blecharczyk recently revealing that the country is one of its five fastest growing markets worldwide. In that light, the companies are exploring opportunities to collaborate which could see OYO properties — in this case more likely villas and Airbnb-like properties — listed on Airbnb’s service.

AI continues to be put hard to work in China.

According to a report from Reuters, demand for online censoring services provided by Shanghai-listed People.cn has soared since last year after China tightened its already strict online censorship rules.

In recent years, China has shut tens of thousands of websites and social media accounts that contained what it said was illegal content as well as “vulgar” and pornographic material.

Tibet, Taiwan, the 1989 crackdown on Tiananmen Square, and even local government scandals, are also sensitive topics prone to censorship.

Considering this May/June will be the 30th anniversary of the Tiananmen Square crackdown, you can rest assured the AI and facial recognition algos will be working overtime.

Written by turbotodd

April 1, 2019 at 10:45 am

Posted in 2019, petroleum

Tagged with , ,

Natixis, IBM and Trafigura Introduce Blockchain Solution For U.S. Crude Oil Market

leave a comment »

Natixis, IBM and Trafigura have pioneered the first blockchain solution in commodity trade finance for US crude oil transactions.

The distributed ledger platform, built on the Linux Foundation open source Hyperledger Fabric, allows major steps in a crude oil transaction to be digitized on the blockchain, ensuring improved transparency, enhanced security, and optimized efficiency.

By having the buyer, seller and their respective banks all on the same ledger, all parties can simultaneously view and share data on the status of a transaction, from the time a new trade is confirmed and validated, to when the crude oil is inspected, to its final delivery and cancellation of the letter of credit.

This initiative is part of a broader effort to modernize trading in the global crude oil industry, which today is predominantly driven by manual, non-digital processes.

Key benefits of the solution include reduced cash cycle times, improved efficiency via lower overhead costs and fewer cost intermediaries, increased transaction visibility to help reduce the threat of tampering, fraud and cyber-crime, and the creation of transparent transactions by using shared processes and recordkeeping.

The new trading platform allows trade documents, shipment updates, delivery and payment status to be shared across a single shared ledger, helping to reduce transaction time, duplication of documents and authentication processes among all trading partners. Traditionally these transactions require complex workflows and paper-based processes in which documentation is shared through courier, fax and email exchange. The solution, which is hosted on IBM’s cloud platform, Bluemix, was led and delivered by IBM France.

“Natixis wants to use blockchain to enhance client service by optimizing the antiquated arena of commodity trade finance,” said Arnaud Stevens, Natixis’ New York Head of Global Energy & Commodities. “The current process is paper and labor intensive, we have multiple friction points with high processing costs and limited automation. Distributed ledger technology brings some much-needed innovation into our industry.”

The platform will soon be expanded to allow all parties in the transaction to enter data directly onto the blockchain. For example, the shipping company, pipeline operator, inspector or warehouse can provide real-time status updates via the blockchain on the crude oil transaction, helping lower the risk of fraudulent transactions.

More importantly, the distributed ledger for crude oil transactions is designed to be adopted at scale across the entire industry. By creating a shared permissioned ledger for use across all trading partners, including multiple buyers, sellers, banks and trading partners, even further efficiencies can be anticipated.

You can learn more about IBM Blockchain solutions here.

Written by turbotodd

March 28, 2017 at 1:08 pm

%d bloggers like this: