Perspective: Unlocking value with blockchain in oil & gas

By Ralph Rio, for ARC Advisory Group

Jan 21, 2019

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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.