Shared ledger system provides trustworthy source of information between counterparties

Blockchain can aid contract execution in transactions where the level of counterparty trust is low or where transaction value or complexity are high. Potential areas of opportunity include land transactions (by verifying and eliminating fraudulent land dealings), oil and gas sales (facilitating large transactions), complex sourcing (minimizing transaction inconsistencies), capital projects (adhering to contract terms), and joint ventures (improving cost and revenue-sharing audits). The resulting increase in counterparty trust can help reduce costs and improve productivity. Blockchain also eliminates the need for clearinghouses, confirmation processing, and other back-office administrative tasks that are typical of risk management and accounting activities.