Ethereum Blockchain to modernize the oil and gas industry

Oil refinery with reflection, petrochemical plant - factory

Ethereum blockchain to modernize the oil and gas industry

The oil and gas industry is in drastic need of modernization. There are quite a few processes which are done manually still in the oil and gas industry. Even though, the turnover of oil and gas industries is in billions of dollars but still, all over the world there is no single marketplace where the oil and gas industry can synchronize and provide various services as well.

Now with the help of Ethereum blockchain based platform, it would be possible for many of the stakeholders in the oil and gas industry in order to water ?and get the services as well. This would completely revolutionize the oil and gas industry and ensure that proper services are provided to the various stakeholders as well.

Consensys and Amalto are the 2 companies who have actually entered a joint venture in order to create such a platform. With the help of such a platform, it would be easier for the oil and gas industry to pay and order the services which they need. Moreover, the sources can be easily exchanged with the help of this Ethereum based platform. This would actually make it easier to introduce efficiency in the oil and gas industry. When proper efficiency is introduced in the oil and gas industry, the profits of the various stakeholders would increase significantly as well.

Moreover, owing to the fact that the blockchain based platform would work on complete transparency, you can be sure that enhanced efficiency would also be introduced in the oil and gas industry. This is another advantage of such a platform.

Currently, however, the platform is not live. It is expected to go live within this calendar year. Many of the companies in the oil and gas space are actually looking towards such a platform which would help them use the blockchain technology in order to make their systems more efficient. This would also help them add to their profits as proper efficiency would be introduced.

The 2 companies have actually tied up in order to create such a platform and have executed plenty of such assignments in the past as well and have created cloud-based platforms as well. This JV, however, would work on the blockchain-based technology which would make it easier for the companies to provide services in real-time. The stakeholders would be able to get verification of all the services in real-time. Thus, the level of security and transparency which would be provided would be much more.

Adam Webb is editor in Smartereum, blockchain and currency news, where he produces updates on Blockchain, Ethereum and other alternative cryptocurrencies.

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