TOKYO and SINGAPORE, May 7, 2019 /PRNewswire/ -- The World Resource Organization (WRO) was established by OCEANPEC (Singapore) to build an all-inclusive blockchain ecosystem that will combine finance, resources and high-technology services all under one roof. Ahead of the ecosystem launch in May 2019, OCEANPEC is pleased to announce that it has signed partnerships with two prestigious companies in the resource and finance sectors: Abu Dhabi National Oil Company (ADNOC) and Cuallix Bank. Partnering these two well-recognized entities will be a tremendous boost in strengthening the WRO global network.
OCEANPEC's business operations currently focus on the import and export of Liquefied Natural Gas (LNG) and other energy commodities. Other corporate areas include oil refining, natural gas sales, power stations, wholesale of oil products, and energy equipment manufacturing. To date, OCEANPEC has 10 local offices working on natural gas, crude oil, precious metals and gemstones in Mainland China, Singapore, Hong Kong, Mongolia, South Korea, United States (Houston), North America (Mexico), Middle East (Abu Dhabi), Australia (Darwin), and Switzerland.
As its business needs are rapidly expanding, OCEANPEC has been looking into how to adapt and adopt blockchain technology into its core business functions. This technological shift towards blockchain is extremely important in the oil and energy sector, which involves resources, financing and the need for high-level security. As the WRO ecosystem was created to encompass these functions, having ADNOC and Cuallix Bank -- both leaders in the oil and finance sectors -- on board will prove to be an asset.
This is especially more so as the WRO intends to integrate crude oil, LNG, gasoline and diesel settlement into its ecosystem by Q3 2019.
ADNOC is state-owned, and the largest crude oil company in the United Arab Emirates. It also provides world-class shipping, maritime, port, logistics and oil field services to international customers. In the resource industry, which includes the likes of OCEANPEC and ADNOC, the blockchain technology will come in handy for logistics and raw material procurement departments, for example. Through the use of blockchain technology's smart contracts which are decentralised and transparent, electronic evidence and data (such as invoices, purchase records, bills of lading) transmission/storage, supply chain management, goods and authentication can be processed in the WRO ecosystem. With the support of ADNOC coming on board, this will encourage other oil and energy giants to be part of the WRO ecosystem.
Cuallix Bank, based in the United States, is the first financial services organization to collaborate with Ripple (XRP), another blockchain company, to offer cross-border payments between America and Mexico. Having Cuallix Bank as a partner will definitely help build a robust payment and cross-border remittance infrastructure in the WRO ecosystem. With blockchain technology, all financial transfers in the resources industry will be made swifter, traceable, and at lower transaction costs.
As part of its vision, the World Resource Organization will continue to work to build on more relevant partnerships to scale up its ecosystem for global users and investors.