Transforming Businesses
Transforming Businesses
As far as innovation and high tech manoeuvres are concerned oil and gas industry has always been at the forefront. From hydraulic fracturing to 3-D seismic mapping to many other innovative approaches, this industry by its own nature is always tech savvy. In the current time distributed ledger technology like Blockchain is on the verge of making inroads into the industry with many companies showing interest in Blockchain.
Many industry experts and oil and gas industry professionals are of opinion that Blockchain can really enhance efficiency and make operational process smoother through its distributed data streaming.
Blockchain to address volatility of the industry
If you look at the latest challenges that creeped up in the recent years in this industry, you are bound to realise that oil and natural gas industry is too much volatile in regard to price and production. The cost cutting measures are almost regular phenomena of this industry. Blockchain distributed ledger system by facilitating data stream can bring fundamental change in the way cost cutting measures are taken care of. From verifying transactions to the providing security to data without depending too much on the regulatory authority, Blockchain can add value to the business processes pertaining to the industry in more ways than one.
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Let us have a look at some of the key areas to be benefited by the Blockchain:
Bringing transparency
The biggest advantage of Blockchain is to bring transparency and efficiency. By allowing shared data stream to hold together diversified data pertaining to the business processes of the industry in an openly accessible manner Blockchain brings great transparency. The transparency of data and easy accessibility without security concerns actually eliminates the need for reconciliation among companies and data hubs through third party services.
Dealing with security threats
Making critical information safe and secure is one of the most crucial needs of modern day security measures. As cyber threats and digital manipulation of data are continuously proving as big threat to business data, the distributed ledger system of Blockchain that does not allow any tampering, deletion and changes can prove really useful to maintain optimum data security.
Maintaining smart contracts
In oil and natural gas industry there are huge amount of business contacts representing contractors, subcontractors, and suppliers. Maintaining each contacts with the contextual information concerning supplies, costs, and inventory needs remain a challenge. A transparent and easy accessible data chain powered by Blockchain technology can bring smart management of contacts, stakeholders, parties alongwith their respective engagements. This in turn can only add pace and efficiency to the business processes.
To conclude, the distributed ledger system of Blockchain can bring transparency, efficiency and pace in the business process of the industry in various ways allowing it to deal with volatility in a more sure-footed manner.
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