• Mon. Dec 4th, 2023

Future of the Vast Oil and Gas Industry Depends on Blockchain



Oct 16, 2021
Walmart Uses Blockchain to Solve Payment Issues in Canada

The fact of the matter is that technology has also brought innovation to oil and gas trading as well. Some of the world’s innovative oil and gas companies are also leveraging blockchain technology, but the industry as a whole accepting the crypto can take more than decades.

There have been increasing debates about the role of technology within the oil and gas market.  Especially digital technologies. The reality is that digital age has already arrived and hit its peak, due to the corona digital world is on the rise. Even the world’s smartest and biggest organizations are working to adopt the new technological advancements so that they might be able to enjoy their fair share in the digital market.

However, recently experts have started to debate the role of crypto in the oil and gas market. But world leaders do not seem impressed by the idea. But it is worth mentioning that even the trillion-dollar market has started to implement blockchain technologies in order to foster their operations. Some of the world’s leading oil and gas extraction and supply companies have started to use blockchain technology in order to improve their supply chain operations.

Douglas Heintzman, chief catalyst at the Blockchain Research Institute said that there are multiple ways that blockchain technology can help the oil and gas sector, but its supply chain capabilities are what holds integral importance for the oil and gas sector. He also said that there are multiple ways that blockchain can be used in the power sector.

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Raj Rapaka, digital innovation adviser with ExxonMobil while talking to the Cointelegraph has told the company that the oil and gas industry primarily recognizes blockchain as an important technology used to reduce friction when interacting with external parties. However, recently the top leaders of some of the world’s biggest energy companies have also spoken in the favor of blockchain technology. Despite the fact that digital tokens in oil and gas technology is a much newer concept. But people are still thinking about it. Not just corporate leaders but political leaders are also talking about the impact of crypto in oil and gas. Russian President has also talked about the role of crypto and digital trade in the oil and gas sector.

Despite the fact that Crypto is not the practical part of the oil and gaps industry but blockchain technologies are improving the supply chain technologies of some the biggest oil and gas companies as well. It seems that in future crypto might have say about the use age of crypto tokens within the market.


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