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Blockchain To Unite World's Largest Oil Companies

12:43 06/03/2019
Blockchain To Unite World's Largest Oil Companies

Seven world leading oil producers have decided to unite and develop a joint blockchain platform, Coin Duck reports.


The initiators included ExxonMobil and Chevron, as well as enterprises from the US and Europe. The platform was called Oil & Gas Blockchain Consortium. It will be managed by the Offshore Operators Committee (OOC), which will study the advantages of distributed ledger in the oil and gas industries.


The project will become the first blockchain-based platform in the sphere, which will lead raw materials companies to high innovative standards, Rebecca Hofmann, the head of the board of directors at the OOC, claimed.


Until now, only the Spanish Repsol worked with distributed ledger among the corporations in the association. Its representatives believe that blockchain will help optimize costs and reduce them to €400,000 per year and, mainly, minimize the number of errors in the work.


The technology has become increasingly used in the work of companies in various industries. Distributed ledger is applied in the carriage of goods by sea and land, in the agricultural inputs and supply, in health care, retail, and many other areas.


In December 2018, the Abu Dhabi National Oil Company announced a partnership with IBM to launch a pilot project for the supply of petroleum products on blockchain.

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