Block chain is a new field where challenges and opportunities coexist, which deserves our attention and consideration. Under the wave of the fourth Industrial Revolution sweeping the world, taking the lead in participating in or even leading the research and development, application and promotion of block chain technology for any traditional energy company, It contains unprecedented development opportunities.

As an energy hub connecting Asia and the Middle East, Singapore is the world's third largest oil refining center, the world financial center, the world trade center, and the world shipping center of Asia's largest transit port. Singapore Petroleum Corporation (SPC) is using block chain technology to give the industry new development momentum.

Under the guidance of national strategy, Singapore Petroleum Corporation (SPC) has created an encrypted digital currency based on petroleum refining value ,0 il Refining coin, Chinese name oil refining currency, abbreviated as ORC,, which aims to introduce block chain and de-center. To solve the shortcomings of the existing traditional petroleum processing and value flow model centralization.

The emergence of the ORC provides a solution for the development of the new energy industry. ORC takes petroleum refining as the starting point, it trains a new supply chain finance "settlement system" and "value circulation center" based on the oil block chain model for the world. It provides a solution for the development of the new energy industry. In promoting the development of Singapore's oil and energy industry, at the same time for the global oil and energy trade escort.

The oil industry is at a crossroads of change, as demands for its efficiency and transparency are increasing. And the industry still uses paper contracts and outdated trading platforms, and the birth of ORC can help it enter the digital age through block chain distributed books and intelligent contracts. While the technology doesn't seem to have as much impact on the oil industry as on underwater oil drilling or robotic-operated power grids, its back-office transformation will save it a lot of money.

ORC start marks the breakthrough of the traditional "Internet oil" economic model to the "block chain oil" financial innovation, which will bring users a new oil sales service model and application experience, and promote the mutual benefit of oil enterprises and users.

A new block chain oil ecology is strong strong, let us look forward to ORC can bring us what kind of surprise!