Its spreading. Each and every day there is another huge breakthrough in the use of blockchain technology. Now IT’S OIL! No, not the kind used to soften your skin (that’s baby oil) but rather BIG OIL. The multi-trillion-dollar oil and gas sector is going to get hit with a disruption to its business model which has not experienced any significant changes in day to day operations for……well, a very long time. Blockchain is going to transform how energy is bought and sold. Shell and BP are already way out in front of the new technology and it won’t be long till all the others climb on the fintech train. Not just the drilling but rather logistics and supply-line management. That means cost savings. This is a huge transformation spreading into a whole new sector all based on blockcahin technology. Now, about other uses for that baby oil……..hmmmm!
(Bill Taylor/Managing Editor)
“Big Oil is due for a disruption.
The world’s most important industry has been carrying on without any significant changes in its day to day routine for far too long.
But now, the new tech on the block has its sights set on the multi-trillion-dollar oil and gas sector.
It’s official: Blockchain technology has infiltrated Big Oil.
The hype behind blockchain has reached a full-blown frenzy. And for good reason.
The technology, which creates secure ledgers for digital transactions and rapidly accelerates the pace at which transactions can be made, has the potential to disrupt every major industry: real estate, shipping, banking and healthcare.
Blockchain is truly revolutionary, and Big Oil is finally catching on.
In an industry that has used technology to reduce breakeven costs to all-time lows, create gigantic drilling rigs run by robots, and even tap reserves located 10 miles below the sea, the oil and gas sector has been slow to jump on the blockchain bandwagon…until now.
According to a report from the World Economic Forum from 2017, a digital transformation has already swept across the energy industry.
Now, blockchain is taking it one step further…”