Blockchain in the oil and gas industry

in oil •  2 years ago  (edited)

Late last year, it was reported by the Financial Times that BP is beginning to experiment with Blockchain. They are trying to use it to increase the efficiency in oil and gas trading and are working with several other companies on experimental trades. BHP Billiton is also using Blockchain to keep track of things according to Bloomberg.

It looks like several big names in the industry are testing the Blockchain waters which is great news for both the oil and crypto industries. The smaller operators typically let the bigger names test it out and work out the kinks and then adopt it.

I see tons of potential for Blockchain in the oil and gas industry. As automation takes off offshore and on these super advanced land drilling rigs, the data being sent to and from them is sky rocketing. The only real solution I see for operators to start using is Blockchain. I have a friend who works for a major operator in their real time data center and they say the amount of data they get is in terabytes a day... a trillion bytes. Wowzers

It sounds like it will be an interesting year for both industries.

Sources:
https://www.ft.com/content/100622d0-a680-11e7-93c5-648314d2c72c

https://www.bloomberg.com/news/articles/2016-10-18/from-bhp-to-nasdaq-blockchain-starts-to-pop-up-in-real-world

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