The Impact of Blockchain in the Oil and Gas Industry

Oil and gas industry will possibly reap many advantages once they consider the application of blockchain technology

Blockchain will have a significant impact in the energy industry.

The prominence of bitcoin introduced cryptocurrency and blockchain technology, which already brought some positive impact on various industries. However, this is not yet adopted by the oil and gas sector especially that the industry’s leaders are not yet fully aware of its advantages.

Blockchain, which creates secure ledgers for digital transactions and accelerates various online transactions, has been used by global leaders in diverse fields. Like other industries, the oil and gas business will possibly reap many advantages once they consider the application of this technology.

The blockchain technology can help improve workflow management, reduce operational losses, enhance operational performance and service delivery. It will also have an impact on the supply chain management for better management of the flow of goods and services.

Businesses these days need to deal with a huge amount of data. This is another aspect where blockchain can help the industry by securing and tracking data. It can assist in asset management and in tracking regular maintenance updates. It would also be easier and quicker to acquire information while ensuring authentic data.

However, company executives still need more knowledge about the BlockchainTechnology, which is the reason why they are hesitant to use it for their business. Many are concerned about its possible disruption while some are anxious if it could really outweigh the risks and investments that they need to make during their first move. A survey shows that most executives believe that it will give them a comparative disadvantage and it could be disruptive to them. One reason why the industry leaders think this way is blockchain’s current little impact on the oil and gas industry.

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But this may change once they look into the potential of BlockchainTech. It may be possible that the oil and gas industry will finally give in and consider this technology after acknowledging its positive influence on their business.  What do you think? Is the oil and gas industry ready for blockchain technology?

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The Impact of Blockchain in the Oil and Gas Industry

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