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.
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:
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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EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
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About EY
EY is a global leader in assurance, consulting, strategy and transactions, and tax services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
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This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.
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