Blockchain in oil and gas
As the oil and gas sector uses more sensor technology, blockchain can store transactions and accounting data directly on these devices. This can compress process time by connecting assets directly to services contracts. Blockchain can also transform contracting by providing a secure form of collaboration.
What EY can do for you
We believe the most compelling value proposition of blockchain technology for oil and gas companies is in the development of a private blockchain-enabled ecosystem that covers the entire transaction life cycle from end-to-end. Simply put, this means using blockchain as the mechanism for price discovery and trading, all the way through to back-office settlements and payment.
The potential cost savings and process efficiencies are too compelling to ignore. Practical challenges may exist for implementing this broader ecosystem approach. However, identifying the ultimate value proposition and building toward that goal offers the potential to:
- Design the initial architecture with extensibility and scalability from the onset
- Develop individual processes and functionality iteratively and integrate these in a seamless way
Contact us to learn more about the blockchain opportunity in oil and gas.
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