Published
4 years ago on
June 19, 2019
Global testing, inspection and certification platform AmSpec chooses V-ID blockchain tech to protect reports and certificates
Rotterdam, Wednesday, June 19, 2019
It’s still early at the Oranjelaan in Rozenburg, a stone’s throw away from the largest petrochemical refineries and terminals of Rotterdam, but already AmSpec’s dedicated professionals are onsite delivering high calibre service.
Here at AmSpec, specialists have been testing and certifying various types of oil and gas for more than 30 years. AmSpec is a global leader in inspection in the oil and gas sector with over 200 operational sites worldwide and is one of the fastest growing players in this industry. AmSpec produces over 50,000 inspection reports each month for most of the major petroleum refiners and traders.
It’s no surprise to find the most modern technologies at Amspec, and now they have a technological scoop yet again.
Blockchain technology ensures authenticity
AmSpec’s reports and analysis certificates are a crucial part of daily operations in the global refinery sector, which determine the market value of commodities like oil and gas. These reports contain sensitive and vital data so immutability is of utmost importance.
The average organisation loses 5% of its annual revenue to fraud, which equated to $3.7 trillion in 2016 according to the Association of Certified Fraud Examiners (ACFE). Typically, a fraudulent certificate takes time to be spotted, reported and revoked and that’s to say nothing of those reports that don’t get picked up on.
To ensure a report remains authentic, AmSpec will be one of the very few companies in its sector to sensibly apply state of the art blockchain technology. From now on, the V-ID blockchain tech will protect the AmSpec values against falsified reports; any report can now be verified whether it’s an original, or a copy.
Christopher Sammut (AmSpec):
“By guaranteeing our reports’ authenticity with V-ID’s validation service, Amspec and our clients can rest assured that the vital information and results are always protected from fraud.”
Innovation in the oil and gas industry
With the addition of this industry giant to the client base, V-ID is instantly well positioned in the oil and gas industry. Marnix van den Berg (V-ID):
“We are very happy to add AmSpec to our client list as they are a key-player in the global oil and gas sector, and it’s a wonderful use-case. So far, it’s already been a great project, their hands-on mentality really is a blessing. We got in contact at the DigiByte Summit, where we introduced our Rembrandt project. After the first talk it was an immediate match.”
One blockchain, depending on how many nodes it has, can be secure enough for most processes. However, V-ID has decided that there is even greater security in numbers and is able to offer a combination of more than one blockchain providing many thousands of nodes. The digital fingerprint of the AmSpec reports will be stored on the Ethereum, LTO Network and DigiByte blockchains. According to Marnix:
“Our platform can automatically anchor the unique fingerprint in multiple blockchains. The service is GDPR-compliant as privacy is always one of our focusses. V-ID provides easy access to public, hybrid and permissioned blockchains such as Bitcoin, Ethereum, DigiByte, LTO Network and Hyperledger.”
The future for V-ID and blockchain
Blockchain is beginning the process of underpinning just about all business and industry sectors. It provides a trust less, immutable and secure bottom layer for practically any process to run on top of it.
The best use cases for blockchain are really coming to the fore now with sectors like finance, supply chain and verification starting to gain traction and looking certainties to replace database systems and intermediaries that were the models of the past.
In the area of verification, trusted middlemen were required to record, validate and reconcile transactions. V-ID’s verification platform completely does away with these intermediaries, saving time and costs while also providing a trust-less and secure environment for its clients.
The potential for blockchain to disrupt nearly all sectors of business and industry is endless, and validation and verification is a sector where V-ID has hardly even scratched the surface. Think of the plethora of use cases for this particular service — from documents, certification, reports and invoices to physical objects such as art, machine/automobile and aircraft parts, precious stones etc.
A blockchain-dominated future is nearly upon us and the millennial generation is watching developments with a keen eye. The future blockchain leviathans in the mold of the Facebooks, Googles and Amazons of today are yet to be decided. V-ID can have a huge part to play in their own particular niche of verification and validation and whilst not being in the same league as the above companies they are certainly carving out their own big potential stake in an extremely nascent industry.
About AmSpec
For over Thirty years, AmSpec Services, LLC has independently and accurately analysed and measured petroleum and petrochemical products throughout the US, Caribbean, Latin America and around the world.
AmSpec Services, LLC is dedicated to providing quality service exceeding our clients’ expectations. The Company and employees strive for the highest degree of quality performance, which is achieved through clear and well-documented systems, proper training, the qualifications and experience of employees, and through continuous improvements of all overall operations.
The Company is proud to announce that AmSpec Services, LLC is certified to the ISO 9001 Standard under the scope of the “Provision of Petrochemical and Petroleum Laboratory and Inspection Services.”
About V-ID
V-ID is a validation and verification service based on blockchain technology. It is V-ID’s mission to certify and secure digital files so that fraud and errors no longer hold back innovations in digitization. V-ID’s blockchain as a service has been in use since 2018 with a growing number of clients in various fields, including education, medical, legal, research and tech. Airbus, measurement technology company Krohne and the European research institute are examples of this. Parties for whom it is very important that digital data really is authentic. V-ID offers them that certainty and safety.
Disclaimer: I have received remuneration from V-ID for this article but I believe the information regarding V-ID and its client AmSpec to be 100% factual. This article should in no way be taken as financial advice. All those wishing to invest in the crypto market should do their own research or use the services of a fully certified financial adviser.
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