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.
