Blockchain in oil and gas
Blockchain technology offers new approaches to services contracts, price discovery and the entire transaction life cycle, creating potential cost savings and process efficiencies too compelling to ignore.
What EY can do for you
Blockchain is an emerging technology with many interesting use cases in oil and gas. For example, as the sector uses more sensor technology, blockchain can store transactions and accounting data directly on these devices, which can reduce process time by connecting assets directly to services contracts. Blockchain can also transform contracting by providing a secure form of collaboration.
We believe the most compelling value proposition for the industry is in developing a private blockchain-enabled ecosystem that covers the entire transaction life cycle. Blockchain becomes the mechanism for price discovery and trading, all the way through to back-office settlements and payment.
Practical challenges may exist for implementing this broader ecosystem approach, though, and skilled EY resources are here to help you identify the ultimate value proposition. Our professionals can help you:
- Design the initial architecture with extensibility and scalability from the onset
- Develop individual processes and functionality iteratively and integrate these in a seamless way
Our cross-functional and global team of professionals offers a deep and diverse experience of the industry, and we are leaders in the application of blockchain technology and emerging technologies. Contact us to learn more about the blockchain opportunity in oil and gas.
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