Blockchain Has Potential to Disrupt Supply Chain Management in the Oil & Gas Sector
Blockchain is predicted to disrupt the majority, if not all, of industries in the medium term. At the moment, the development of blockchain technology is already gaining momentum and it is already advancing in the number of industries, oil and gas included.
The core technology that blockchain can provide, which is distributed ledger, is seen as a medium to improve a number of processes within the oil and gas industry that are identified as less efficient and prone to contribute a huge portion of expenses to the overall costs. Furthermore, oil and gas operation is complex in nature due to its supply chain that covers the entire continents on the globe. This massive supply chain footprint tends to slow down the operation such as transaction approval since it involves multiple stakeholders with a different time zone.
This research service discusses blockchain technology along with its implementation in the oil and gas industry. The capabilities of blockchain, such as efficiency improvement in the trading process and many others are also addressed in this research service.
Table of Contents
1.2 Research Methodology
1.3 Research Methodology Explained
1.4 Key Findings – Blockchain for the Oil and Gas Industry
2.2 Use of Blockchain in Supply Chain Management
2.2.1 Simplification of Land Rights Process Through Blockchain
2.2.2 Smart Contracts Reduces Time Needed to Align Stakeholders
2.2.3 Improvement of Reconciliation Process
2.2.4 Distributed Ledger Enhances Sharing Activities Between Stakeholders
2.2.5 Instant Payment Enabled by Smart Contracts
3.1.1 Blockchain Offers Greater Visibility in Maritime Sector
3.1.2 Blockchain Has Wide Applications Across the Industry
3.2 Blockchain in Oil and Gas Trading
4.2 Companies Implement Blockchain to Reduce Costs
4.3 Global Adoption Trends of Blockchain Technology
5.2 Current Legal Challenges
5.3 Other Challenges on Blockchain Implementation
6.2 The US Dominates the Patent Landscape with Contributions from IT, Data Analytics, Engineering, and Core Oil and Gas Companies
6.3 Key Patents