Blockchain technology can be of great use in the oil and gas industry, especially in the aspect of management and decision making, trading and cybersecurity.
How quickly can the oil and gas industry take advantage of the opportunities that blockchain offers?
Blockchain can reduce errors and invalid transactions and handle a large amount of data, which is of great importance for all trading operations in the oil and gas industry.
The energy sector is also one of the industries that benefit significantly from blockchain technology.
To the oil and gas industry, blockchain can bring many benefits and management improvements, data security and efficiency.
Why does the oil and gas industry need a blockchain?
The oil industry faces several significant problems. Some of them are extensive administrative processes, higher risk of errors, fraud and cyber attacks, high trading costs and slow data exchange. This is why it is the prime time for gas and oil industries to change their management methods.
Many industries recognize and apply blockchain as innovative technology. In the oil and gas industry, blockchain can be of great use in the aspect of management and decision making, trading and cybersecurity.
The big giants in the industry, such as BP and Shell, have started investing in this technology. British Petroleum (BP) began testing the first blockchain project in 2017 and marked the first step in applying blockchain technology.
Benefits of using a blockchain in different fields of the oil and gas industry:
- Decreased manual efforts through automation
- Reduced reconciliations and disputes
- Delays in the process due to the search for data and documents
- Saving costs and improving efficiency
- Improving management mode and decision making
- Effectively reduced the risk of network attacks
- Transparent transactions
Blockchain solutions represent the future of investment in the energy sector and transform the ways companies and individuals do business locally and globally, simplifying transactions and increasing their efficiency.
To find out more about the way this technology can affect trading and cybersecurity of the oil and gas industry and what brings the future, check our full blog post.