⛓️Why on the Blockchain?

The aim of PETRO Protocol is to integrate the blockchain in the world's leading market: Petro Oil.

Introducing the blockchain in the Oil industry not only gives an opportunity to investors to get into a market usually with very high barriers of entry, but we are developing a solution to change the industry forever. How? Introducing a faster, easier and more transparent way to do business.

Blockchain is used in the PETRO Protocol ecosystem because of its advantages over traditional payment, security and technology systems. Specifically, it will be used to host the PETRO token and the smart contracts associated with token distribution, decentralised identity, and staking.

These uses leverage the benefits of the blockchain:

Better Transparency

• All transactions are stored on the blockchain in perpetuity and are visible to anyone. This adds an unprecedented layer of accountability.

Enhanced Security

• Transactions on the blockchain are immutable. No central authority controls the network or can affect a retroactive amendment of the financial ledger.

• Transactions on the blockchain are ‘trustless’, which means that a transaction can take place with assurance of completion without the need for third-party escrow-type facilities or intermediaries which is very often required in real world deals.

True Traceability

• With enhanced transparency comes true traceability. All transactions can be traced back to their original source wallet, which will aid in future-proofing the ecosystem against future regulation.

Improved Speed and Efficiency

• Without the need for centralised entities, those costs that would normally be paid to them are saved. Additionally, as transactions are peer-to-peer, they are often faster and more efficient than traditional fiat payment networks. This is particularly true in cross-border payments that would normally go through multiple intermediaries.

Less barriers of entry

• All that is required to be a participant in a blockchain is an internet connection and a wallet (a piece of software to interpret the blockchain and provide cryptographic verification).

• A decentralised identity allows users to have full control of their digital ID, allowing them to prove identity without relying on third-party entities to prove those claims