Energy Ledger Testing BaaS Platform for the Oil & Gas Industry
Disclaimer: The text below is a press release that was not written by Cryptonews.com.
AUSTIN, TX - ENERGY LEDGER, fresh off the heels of the Ritossa Family Investments Conference, is now testing the world’s first comprehensive platform for custody & compliance for oil & gas.
In May of 2021 the United States suffered one of the largest infrastructure hacks in recent history. The attack targeted the billing platform for the Colonial Pipeline, the largest pipeline system for refined petroleum products in the nation. Nearly half of the US East Coast’s energy supply was brought to a brutal halt. The culprit? A phishing email. Colonial Pipeline eventually succumbed to the hackers and paid out the cyberterrorists 4.4M $USD worth of $BTC. The secondary damages have not even been fully calculated.
Despite being the world’s largest industry, energy has lagged behind others in security, automation, auditing, and leveraging data.
Energy Ledger’s flagship platform for energy operators, Energy Ledger Enterprise, solves the central points of failure of today’s proven vulnerable systems and empowers operators to play offense with aggressive auditing capabilities that can pinpoint operational, regulatory, and financial issues across the production pipeline for a given operator within the platform.
In Texas alone, 500M - 1.5B $USD worth of crude oil is stolen every year. Worldwide, the security crisis is even more stark. Such annual ranges of stolen crude turn to daily ranges in Nigeria with other nations not far behind.
Aside from theft mitigation, early analysis from the Energy Ledger team suggests that the platform could increase efficiency of the Upper Zakum field in the UAE by up to 29% over 4 years. That translates to 7.4B $USD in recaptured value for just one out of hundreds of producing fields.
Since 1913, petroleum has been America’s #1 export. The 21st century and our current 4th industrial revolution has catapulted data to the top spot. Simply put, there’s no future without bitcoin.
It’s a pivotal time in the oil & gas space and Energy Ledger seeks to lead the charge in facilitating the future of it. With operational presence in Austin and New York, an expanding development force, 700+ wallets in 6 months, and speaking invitations at one of the largest investment conferences in the world, the need to secure and facilitate these types of transactions has never been more urgent for the team and the world.