Oil and Gas Industry: 2020 Blockchain Revamp  

Asia Blockchain Review

Business 4 years ago
1 QCP
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Let's dive into the Oil & Gas industry in terms of Blockchain technology and development with ABR

Coming to terms with blockchain technology is a huge transformation for various industries. We are now getting ahead with future innovations that would not just assist the lives of humans, but would further get us ahead for the development of mankind’s future. Nevertheless, with all the new changes; ideologies and drive that would be required as we move on and to get started on that spectrum; we have to be fully aware of what we are getting ourselves into.

Specifically, just for today, we would like to dive into the Oil & Gas industry in terms of Blockchain technology and development. Welcome aboard if you are new with the term Blockchain; let alone the adoption and adaption of it in any industry. The buzzword is at the back of everyone’s minds, but what does it have to do with everything that is already on-going and growing as we breathe? The mystery of it continues and we shall explore it all together.

Transaction Facilitators and Operators

Distributed ledger technology means it works in a way where everything can be seen, monitored and fully fleshed out, whilst being chained from one point to another. Traditionally, the oil and gas industry works in its own special way; which is highly dependent on paper-based transactions, that result in inefficiencies that would somewhat create a hassle and eventually would be prone to errors.

As this rises and operations are paused, it automatically creates a loss for the companies. In the end, various stakeholders to company owners would face significant challenges and issues along the way.

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  • Blockchain adoption
  • Distributed ledger
  • Blockchain technology
  • Gas
  • Oil industry