One of the most obvious and powerful uses for the digital ledger technology is to provide a reliable and efficient platform for executing and recording energy trades .With ANACO Ownership is tracked as assets change hands multiple times before settlement. Keeping land title records on a distributed ledger can provide much more efficient updates and data management for joint ownership and interest validations for energy tradesAdditionally with Anaco , the introduction of smart contracts, which are essentially computer code stored on blockchain that can execute actions under specified circumstances, should give oil and gas executives greater interest to improve their supply chain and finance activities.Smart contract technology can result in processes that are faster and more accurate and cost efficient. Also, the parties to a smart contract agree to be bound by the rules and determinations of the underlying code, which in theory should lead to fewer contract disputes
Anaco can also help to streamline regulatory filings and reporting by improving transparency.Regulators are increasingly requiring companies to provide vast amounts of data that can be analyzed to detect non-compliance and other regulatory issues, With current technologies and methods, gathering and cleaning up the required data is a huge burden.Additionally, Anaco can help improve cybersecurity of critical data, while dramatically reducing data loss and mitigating the cost of breaches
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