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