Supply chains in the oil and gas industry can be quite complex, often extending hundreds or even thousands of miles as multiple intermediaries shepherd products and services between suppliers and customers. Managing the various transactions among vendors and customers along a supply chain, which often crosses a patchwork of geographic and political boundaries, can be cumbersome and expensive. Moreover, the inconsistent quality and availability of transaction data can invite opportunities for fraud and disputes.
I believe blockchain is a technological advance that will have wide-reaching implications that will not just transform the oil and gas industry, but many other businesses and industries worldwide. With Blockchain being the future, the disruptive business model supply chain can be applied to the entire oil and gas value chain with three main focus minimising logistic cost, minimising waste and inventory planning.
The first blockchain was theorized by Satoshi Nakamoto in 2008 and applied the following year as a key component of the digital currency bitcoin, but that was just the tip of the iceberg. A secure public ledger concept can be applied to almost all aspects of doing business whilst removing slow and outdated workflows.
Are you ready to harness the capabilities of blockchain technology in oil and gas operations? If so, click here to join
BLOCKCHAIN IN OIL & GAS 2018
For the two-day event to:
– Develop blockchain scalable solutions for your company
– Examine open source blockchain development
– Understand why blockchains are an ideal technology for IoT oil and gas
– See why early adoption will save time and money in the future
– Learn how transparency, security, and convenience are all in one place