The blockchain is a technology that records the existence and history of a transaction safely and independently.
Back in 2017, Shell launched a blockchain division to explore and build applications for blockchains across the globe in areas such as exploration and production, mobility and renewable energy. Shell trade also invested in the Applied blockchain, a London – based startup that helped the company to build a new internal Trading platform supported by blockchain technology.
Blockchain Technology in the Petroleum Industry
Everything from mineral rights to identity – blockchain technology can improve the oil and gas industry. The blockchain is a tool to improve efficiency and reduce back – end operations such as supply chain and inventory management. Data stored in the blockchain can be shared with regulators in real time without any intermediate manipulation. The blockchain technology cannot completely protect itself from human error, someone can enter an alphanumeric number on a blockchain platform.
Blockchain technology allows data hygiene by providing a single repository of all information, access to which it can be defined and managed by a consortium of stakeholders with access to the platform. The monitoring of land rights and ownership on a blockchain platform is one of the most visible cases of use for blockchain technology. For oil and gas corporations, the right of the blockchain would provide a single, clear and unchangeable record of who owns what land and what minerals are.
Complex processes and a significant number of industry stakeholders lead to a higher number of inaccuracies, which in turn create the need for better management, and intelligent blockchain contracts can reduce contracts with Third parties. Although companies have not yet been able to implement blockchain technology on a commercial scale, a large number of “proofs of concept” are emerging in the industry, paving the way for widespread implementation.
For example, if you integrate blockchain technology into an “intelligent contract” to sell track records, it would enable an oil corporation to transfer the tracking data to a new oil corporation, and the blockchain, which would automatically monitor the changes, it would automatically debit the banking account.
Petrobloq’s goal is to monitor, monitor and record every drop of oil on a transparent, unchangeable and safe chain of blocks, from oil drilling to oil drilling. From major oil companies such as BP and Shell to small innovators such as Petroteq, it is possible to unlock massive opportunities in the oil and gas industry through innovative technology.
In order to digitize the supply chain and track the raw materials, the chain of custody of oil and gas companies is usually subject to fluctuations in the value chain. The blockchain can play an essential role in improving the overall management of physical parts of the oil supply chain. By implementing blockchain technology, you can reduce the costs associated with updating, maintaining and securing the trading system.