Perspective: Unlocking value with blockchain in oil & gas

By Ralph Rio, for ARC Advisory Group

Jan 21, 2019

Get Plant Services delivered to your inbox Monday through Friday! Sign up for  Plant Services' complimentary Smart Minute (Monday-Thursday) and Smart Digest  (Friday) e-newsletters to get maintenance and reliability know-how you can put  to use today, plus the latest manufacturing news from around the Web, white  papers, and more. Learn more and subscribe for free today.

Starting in 2014, the oil & gas industry experienced volatile and challenging times with lower oil prices. This led owner-operators and service companies to increase automation, adopt new technologies, and integrate their IT/OT environments. Blockchain can help by ensuring the integrity, traceability, and providence of the data exchanged among independent entities.

In the second half of 2018, a few pilot programs utilizing blockchain began in the oil & gas industry. Common themes in these pilot programs include:

  • Collaboration among independent entities with shared pain points and related interests motivate them to form a consortium
  • Improved operational performance by sharing trusted data with rapid visibility
  • Have leaders, but all invest and all consortium members benefit

Read the full story for more on specific ongoing pilot blockchain programs in oil & gas.

 

Show Comments
Hide Comments

Join the discussion

We welcome your thoughtful comments.
All comments will display your user name.

Want to participate in the discussion?

Register for free

Log in for complete access.

Comments

No one has commented on this page yet.

RSS feed for comments on this page | RSS feed for all comments