Blockchain technology for oil and gas industry

Using blockchain technology at various levels of the oil and gas industry to achieve maximum results
Blockchain technology is already being applied in such areas as finance, insurance, logistics, and now it is gradually coming into the oil and gas industry. In 2018, such large companies as BP, Shell, Gazprom, Statoil, and Repsol launched blockchain-based pilot projects, which are designed to solve financial, trade and logistics problems.

The blockchain technology gives the oil and gas industry new opportunities to resolve issues with cross-border transportation, large volumes of transactions, complex document flow and more.
Areas of application
Logistics
The implementation of blockchain solutions allows for storing data on petroleum products transportation in a distributed ledger, which serves as a single source of information for a shipper, carrier, and a receiver, as well as ensures an inextricable link of the physical delivery with all accompanying processes and documents.

According to an Accenture's research, using blockchain technology for supply chain management will help companies save at least 5% by increasing the accuracy of billing and disintermediation of third party service providers.
Document flow
Blockchain has a big impact on a complex workflow process in the oil and gas industry. The technology ensures the integrity and security of data stored in a distributed ledger and contributes to achieving a high level of trust. The introduction of blockchain solutions and smart contracts allows us to speed up and automate the generation and delivery of new documents verifying the product status, ownership, and other information.
Ecology
The use of blockchain technology in supply chain management has a positive impact on the preservation of environmental safety at all stages of oil and gas production. The ability to track and identify products reduces the chance of forgery or data corruption.

Also, this technology gives an opportunity to apply solutions that help to effectively control the emissions level, to track detailed data, and prevent climate changes.

Blockchain solutions development
for your business

Use cases
Still thinking how to apply blockchain in oil and gas industry?

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