Ziyen has announces that it will be selling oil assets on Ethereum. CEO Alastair Caithness stated, “This is historic, monumental and revolutionary. I could not be more proud of our team. We are now in a position to complete the tokenizing of a commodity on the Ethereum Blockchain; ZiyenCoin will likely become a market leader in the space. The goal of the company is always to enhance the energy industry. Satoshi Nakamoto invented Bitcoin, but also invented the blockchain and by creating this hybrid model utilizing the technology of the blockchain, it will nevertheless have positive, cost-saving ripple effects across a $5 trillion industry.
By tokenizing the royalty interest working rights in a producing asset that can now be sold, Ziyen will create new liquidity to the US domestic oil market and provide the ability to sell your working interest which currently cannot be done. At the moment the owner of a working interest in the producing lease would routinely receive their monthly royalty check until the well runs dry, but under tokenization they will now have the ability to sell this.
Ziyen plans to use ERC-20 standards combined with certain features of traditional securities. Each ERC-20 security token sold by ZiyenCoin will have certain rules defined and enforced in a smart contract that is unassailable once it is deployed to the Ethereum blockchain.
The oil blockchain industry is being developed by a key organization out of Houston, Texas and is overseen by a network of oil and gas professionals who work for major operators and have founded the Oil and Gas Blockchain Consortium, which is rapidly growing in members due to its innovativeness and relevance in the discourse of blockchain in which they aim to establish “solution frameworks and standards to leverage blockchain technology.” https://www.oocblockchain.com/