Blockchain & Energy Integration
Baltic Alliance considers accepting Bitcoin as payment for its oil and gas exports in relation to commodities of Russian and Kazakhstan Origin. Bitcoin, a digital currency that incorporates cryptography and is designed to enable users to send money over the Internet without using a bank account.
Baltic Alliance often collaborates with other industry players to enhance their capabilities in carrying out crude oil transactions and will henceforth convert some or all of the payments it receives through Bitcoin from customers to traditional currency and use the money to pay for its business operations in various aspects of the oil and gas sector, including exploration, production, and distribution to improve efficiency and sustainability in the company’s operations.
Baltic alliance has significantly impacted physical commodities trading by introducing transparency through it’s decentralized and immutable ledger, allowing stakeholders to track the supply chain and verify the origin and quality of commodities, thereby reducing fraud and enhancing trust. It has streamlined trading processes with smart contracts, accelerating trade settlement and reducing administrative burdens.
The cryptographic security of blockchain ensures secure transactions particularly beneficial for cross border trades. Additionally, it enables the digitization of trade finance, facilitates swift cross border payments and introduces fractional ownership through asset tokenization, opening new investment opportunities.