According to a recent GlobalData report, blockchain offers many benefits to the oil and gas industry, including increased transparency, compliance, and data security. Blockchain in oil and gas
Although adoption is currently in its early stages, the use of blockchain in the oil and gas sector will expand significantly as companies realize its full potential, GlobalData said.
Ravindra PuranikGlobalData oil and gas analysts commented: Additionally, the creation of the consortium helped standardize protocols and exchange best practices. As the technology matures, its adoption is expected to expand and improve operational transparency, efficiency, and security.
Promoting transparency through tokenization
“Tokenization involves the digitization of tangible assets for the management of big data and the protection of sensitive information. Tokens have the potential to streamline processes. The tokens promote transparency in tracking the movement of natural resources throughout the development stages. This transparency highlights opportunities to minimize waste. as well as help identify potential fraud, thereby enhancing the reputation of a sector facing challenges posed by alternative energy sources.”
“As the adoption of the Internet of Things (IoT) increases and sensor technology reaches its peak within the industry, blockchain facilitates the storage of transactional and accounting data directly on these devices. It radically transforms contracts by linking directly to service contracts, dramatically reducing processing time, and providing secure collaboration.”
