As you already know, the oil and gas industry faces major issues as they have to deal with changing regulations all the time. More so, every single nation comes with different types of regulations. Keeping up with all of this is practically quite challenging.

More so, as governments keep changing up the regulation and tax amount, the companies have a hard time figuring out how to stay within the regulations and keep the businesses going.

Therefore, using smart contracts for oil and gas industry can actually help out in this regard. Regulatory authorities can use this contract to automate the process of tax payments. Also, as the contracts always have to stay updated and maintain itself, you can keep up with any changes quite easily.