Argentina'southward natural gas regulator, Enargas, approved the expansion of a blockchain-based gas distribution tracking platform. The system was already piloted by a local distributor servicing over two meg residents.

According to an annunciation on March 18, the system — dubbed Gasnet — was authorized for expansion to the whole country. Before now, the network was used only by Gasnor, a 2 million client-strong local gas distributor.

A spokesperson from RSK, the blockchain platform used by the system, told Cointelegraph that the regulator pushed for this service expansion due to the advantages experienced by Enargas:

"It is easier to control for the regulator authority and more than constructive the style that gas distributors share their fundamental processes with the regulator."

At press time, there is no news of other distributors joining the network. However, IOV Labs — the firm behind RSK — anticipates that others will bring together soon.

The advantages of blockchain in gas direction

Gasnet aims to manage service providers, acquit out transactions when new installation or reconnection certificates are registered, and improve regulatory oversight. To attain that, the network utilized RSK smart contracts and its RIF second-layer solution. It was launched in collaboration with Argentina-based software evolution company, Grupo Sabra.

RSK and Grupo Sabra started developing the network for Gasnor in 2022. Now, Enargas authorized the expansion to a national ecosystem bachelor to all distributors willing to adopt it. The regulator and Gasnor are both running their own nodes of the Gasnet network. Gasnor chief information officer, Carlos Amín, commented:

"The implementation of the blockchain solution [...] will enable [us] to streamline our processes, reduce costs, amend fourth dimension to market, and most chiefly provide a much improve user experience."

Blockchain use in the fossil fuel industry

Blockchain is becoming increasingly useful within the fossil fuel industry due to the technology's power to aid manage complex ecosystems and supply chains. As an analysis published by Cointelegraph in February suggests, oil firms have begun using blockchain to make the industry safer, cleaner, and more efficient.

Kingdom of saudi arabia'south state oil company, Saudi Aramco, purchased $5 1000000 shares in a blockchain trading platform called Vakt at the end of January.