The Oil & Gas Industry Needs Blockchain

Without a doubt, digital transformation has arrived. The transformation has led both traditional and non-traditional industries to opt in to

Dana Tate
December 17, 2021
The Oil & Gas Industry Needs Blockchain

Without a doubt, digital transformation has arrived. The transformation has led both traditional and non-traditional industries to opt in to emerging technology.

Industries such as banking, healthcare and manufacturing are adopting new technology so they can not only improve theirprocesses butaccommodate a fully digital landscape in order to keep up with competitors. As such, an industry that can benefit specifically from the implementation of blockchain technology is thetrillion-dollaroil and gas industry.

The oil and gas industry embraces technological advances when it comes to its mechanical operations. On the other hand, operations and back-office processes likesupply chainand compliance arekeptin the dark.The oil and gas industry arguably hasthe most unique supply chain out of any otherindustry, so the need for technological advances is of utmost importance.As a result, there are unresolved lingering challenges such as:

  • Operations:Oil and gas operations are highly complex due to theirvast supply chain spread across the globe. Their chains involve physical side suppliers, producers, and distributors. Their logistics chains require support for invoicing, documentation, and regulatory requirements. This footprint can ultimately slow downthe operations as it involves multiple stakeholders operating in different time zones on different systems.
  • Safety and compliance.As one of the most regulated industries in the world, oil and gas companiesmustworry aboutsafety and complianceissues morethan the average business. If there’s a compliance issue and guidelines aren't followed, there will be repercussions from the government and consumers.

Blockchain can providestorage for compliance records and emergency mitigation efforts. Regulations and guidelines can be enforced at every step in the technological process. Immutable proof reports keep the company in the loop and let it track how safety measures are being applied. Seeing when an emergency alert came in and how quickly the team responded also allows to improve fail-proof techniques and prevent future incidents.

Blockchain technologycanalsoplay an integral role in tackling supply chain coordination, communication,and regulatory compliance issues forthe oil and gas industry. It offers transformative digital tools to improve operations and allows companies to avoid intermediaries when carrying out transactions. But building new blockchain platforms and integrating with the existing ecosystem of networks can be overwhelming.

The BlockSpaces platformprovides a solution to seamlessly interact with other organizations in the supply chain. Within any ecosystem or business process, there are layers of technology that require integration. Our workflow automation platform utilizes a library of pre-built integrations to connect business applications withmultiplenetworks to provide data visibility and efficiencies beyond individual, disparate systems and information silos, making it ideal for those needing to connect to multiple touch points in their supply chain.

Our team deeply believes in blockchain and understands that the technology may seem daunting for many in the oil and gasindustry.Thereforewe deliver a code-free interface without requiring significant technical expertise making connecting to a blockchain-friendly environment seamless. Our platform allows developers to advance products faster; saving weeks of time that would otherwise be spent developing and maintaining connections to third-party APIs, blockchains and ERPs.

Blockchain holds the key to help the oil and gas industry increase efficienciesin their supply chain. Not only would transactions be completedquickly buthaving a seamless way to connect and have a dialogue between various suppliers, buyers, and financial institutions would be a game changer. TheBlockSpacesplatform is committed to helping theindustry's supply chain connect into the digital world as smoothly as possible.

If you are in the oil and gasindustryand are interested in being a part of the future of blockchain,BlockSpacesis now accepting reservations for our early accessPilot Program.

Why join ourpilot program?

Clearly, we get a lot of value from the feedback we receive from pilot customers.Butwhat are thebig wins for you?

  • Impact development:Give feedback on features and put your mark on the results.
  • Get a head start:Discover new features and upcoming versions before anyone else and win ample time to plan a successful start.
  • Safe roll-out:Your technical resources gain confidence to roll out the software to all users from thorough testing and issues fixed.
  • Free guidance:Get advice in utilizing the newfeatures andreceive free consultancy and software usage.

Improved Connect:Benefit from a multitude of improvements resulting from feedback from ALL pilot customers in addition to your own.