Crude oil transactions could be digitized – Using blockchain, crude oil transactions can be digitized that ensures enhanced security, improved transparency and optimized efficiency.
Improved trust among parties in the industry- A private blockchain network could safely store the track record of employee and contractor certifications (H2S training, first aid, welding, etc.). On top of boosting trust between companies and contractors/ employees, such a blockchain network could also help cut down on hiring costs while ensuring improved job safety and performance.
A cryptocurrency pegged against Oil- With oil being one the most valuable non-renewable energy sources in the world, a cryptocurrency pegged to it could be a viable replacement to traditional financial transactions. On top of this, such a cryptocurrency could enable direct transfer of value between various parties in the industry without the need for a trusted intermediary like a bank.
Augmented compliance– The Oil and Gas industry is among the most heavily regulated in the world with protocols deriving from various regulatory authorities from environmental to taxation. Regulatory authorities will be able to maximize visibility in the industry as all the transactional data is stored on a blockchain network which can be accessed in real time.
Enhanced land record management- It is critical for Oil and gas companies to properly manage land sale records which represent millions of dollars worth investments. The traditional process of maintaining such a record is cumbersome and is prone to forgery and other illicit activities. Such an important piece of documentation could be stored on the blockchain, which can create an immutable record of land ownership, transfer and value. In Georgia and Ghana, where there are high levels of land ownership disputes, blockchain technology is being explored as a viable solution.
Improved data storage for Internet Of Things- IOT is a system of interconnected computing devices or mechanical machines that are able to transfer data over a network. The Oil and Gas industry relies heavily on IOT to devices to monitor operations and increase their efficiency. But the catch is, current IOT models depend on centralized models of communication like a server/ client model. Despite being in close proximity with each other, these IoT devices have to transfer data over the internet and heavily depends on centralized storage solutions which could be at risk of cyber attacks.
