That's how Daniel Eisner, co-founder of OilCoin Digital Reserve, presents the token in the company's whitepaper.

The company wants to tokenize a barrel of oil to infiltrate the energy trading - aligned with the genre of bitcoin and other cryptocurrencies.

OPEC is trying to grasp the idea of digital currency trading for oil commodities - it needs a comprehensive study from all the global oil producers.

Daniel Eisner, co-founder of OilCoin Digital Reserve explained: “if we will have the ‘OilCoin’ as a token, that token represents a barrel of oil, and we can trade that token.”

If this experiment with ‘OilCoin’ succeeds, it has been indicated that the next one on the trading block could be “tokenizing a kilowatt-hour of electricity” – for this to become part also of the digital currency offers in the marketplace.

Tokenizing the kilowatt hour of electricity will be the dream come true for cheap electricity in countries like Australia where the KWH is one of the most expensive in the world.