Scottish-American company Ziyen Inc has announced the launch of a digital currency that aims to revolutionise the global oil and energy market
Based on blockchain technology, ZiyenCoin is the first energy-focused security token offering (STO) to be filed under the USA Securities and Exchange Commission (SEC) regulations.
The new division, which has been supported by the creation of a dedicated website and a white paper, will see the company work with leading industry players to develop new technology and help drive down oil production costs.
ZiyenCoin is a fully-trackable digital currency operating with blockchain supply chain management to offer unrestricted worldwide movement; aiming to remove market uncertainties and cut transaction costs by around three to five per cent annually across the $5trillion global energy sector.
While blockchain technology first came to prominence as a transactional platform for cryptocurrencies, such as Bitcoin, industries including healthcare, banking and insurance are increasingly adopting a decentralised ledger which would remove transactional fees; essentially, saving tens of billions of dollars for each respective sector.
ZiyenCoin aims to become the world’s most widely adopted blockchain-enabled cryptocurrency. As a regulated and legally-compliant STO – unlike Bitcoin – it will be benchmarked against energy as a commodity along with the certainty and favourable treatment afforded by the SEC.
Alastair Caithness, CEO at Ziyen, said, “Major global industries are increasingly adopting blockchain technology, as evidenced by banking giant JP Morgan Chase recently launching its own cryptocurrency.”
“Along with automation and digitalisation, blockchain technology has the potential to be a game-changer for the energy industry to ensure the longevity of many mature basins. This latest division will help establish Ziyen as one of the leading technology companies in the oil and energy industry.”
Ziyen was founded in 2016 by Inverness-born Alastair Caithness following his move from the north-east of Scotland to San Diego, California.
Ziyen’s strategy is to acquire numerous leases, return wells to production and pursue other promising oil leases in the United States through its dedicated Ziyen Energy division. Meanwhile, its Ziyen Advantage programme offers a far more sustainable means of oil production in which proprietary technology will be used to reduce costs.
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