Blockchain in oil and gas industries
The oil and gas industries have recently transformed itself into a data-intensive industry — artificial intelligence, machine learning and internet of things. With such growth and expansion, distributed ledger technology, commonly known as blockchain, can carry the industry’s transformation forward. This technology can help the industry to overcome various challenges such as price volatility, supply chain, accounting, data management and security. It can also help in streamlining various engineering and technical decisions. The oil and gas industries are characterized by heavy investment and cooperation among multiple parties, especially on the upstream side. Even midstream and downstream, however, there are often ownership changes, transactions, and information exchanges taking place across multiple companies. This is due to the inherent trading nature and bulk movement of various commodities comprising of gas, crude oil, refined products, and petrochemicals. Natixis, ...