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August 11, 2021

Blockchain technology has considerable potential in the oil and gas industry

The adoption of blockchain technology could overhaul traditional workflow management in the oil and gas industry.

By GlobalData Energy

GlobalData’s latest thematic report, ‘Blockchain in Oil & Gas’, provides a comprehensive review on the emergence of blockchain in the oil and gas industry.

Blockchain has come a long way in recent years, but it remains a nascent technology. It is easy to forget that blockchain has not been around for long due to the massive hype surrounding it. It was not until 2017 that blockchain properly captured the attention of enterprises. Since then, companies have identified use cases focused on addressing actual problems to better understand the technology itself.

Blockchain as a service (BaaS) holds the key to driving mainstream adoption of blockchain technology. It allows companies to experiment with blockchain applications without worrying about developing expensive in-house resources. Integrating blockchain into core technologies facilitates ease of use, making it a more attractive option for digital transformation efforts.

Blockchain technology allows companies to track everyday workflows while eliminating the requirement of central recordkeeping. This could overhaul traditional workflow management in the oil and gas industry to drive efficiency and optimise costs. Companies today are striving to reduce operational costs amid the demand uncertainty brought about by the Covid-19 pandemic and the likely shift towards low-carbon energy sources. In this scenario, blockchain could prove to be a boon for them. The technology has diverse applications in areas, including hydrocarbon production and processing, supply chain management, commodity trading, methane management and circular plastic economy.

GlobalData identifies ADNOC, BP, Eni, Equinor, Gazprom, Repsol and Shell as among the prominent adopters of blockchain technology in oil and gas use cases.

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