Blockchain is no longer considered to be a niche technology. It is now being looked at as a technology capable of transforming traditional industries through digital automation, large cost savings, and security. Now, shareholders are pushing the integration of blockchain in gas and oil businesses so that they can cut down on expenses while increasing earnings. By providing better transparency and automating procedures, Blockchain technology can transform the oil and gas industry.
Three oil company groups in the US, including Exxon and Chevron, have already teamed up and are on their way to becoming the first blockchain consortium in their sector. This consortium will be determining the potential benefits blockchain can have on the oil and gas industry. By reducing the cost of operations and eliminating delays, blockchain can improve the efficiency of the operations of these businesses. Through blockchain, sellers, buyers, and banks will be able to share all the information simultaneously as they will have access to the same ledger. From the confirmation of the order to its delivery, blockchain will be able to improve the entire process.
Another blockchain application in the industry is storing the certificates needed for operating the industry equipment that are safety-critical. The blockchain network of the company will be able to record and store the certification of their employees and contractors securely. This will not only improve the trust between the employees and companies, but also help with issues like safety in the workplace and expensive hiring.
With blockchain, companies will have a network that is privately accessible and supports the transactions lifecycle for all the stakeholders.
