Global Oil and Gas has achieved a critical inflection point where blockchain technologies are likely to emerge as a key to the future transformation of the industry.
In the middle of September, when the rain and winds of Tropical Storm Nicholas were hitting Houston, the energy sector digital transformation leaders gathered at Midtown houstonianum hotel for energy conference networks blockchain in oil and gas 2021. However, the inclusion of blockchain technology applications across the oil and gas sector was the top priority during the summit.
However, in recent years, environmental and social & governance (ESG) has emerged as the top priority across the industry. In Canada, where the oil and gas sector holds more than a quarter of national carbon emissions, all the top energy companies are dedicated to reaching carbon neutrality by 2050.
The urgency of automation
Don Tapscott, the author, and blockchain research institute co-founder, stated decarbonization as a vital initiative for massive transformation across oil and gas processes, transactions, and supply chains that will help integrate blockchain with machine learning and the internet of things.
However, such kind of data automation is vital for sustainability and to gain an accurate and trusted measurement of the carbon impact of energy production. It means that the world can have weeks of expensive analysis in mere minutes.
Embracing digital assets
Decentralized finance has significantly disturbed the industries like oil & gas and banking & commerce. However, it is an initialization of an exploration of how digital assets can pave a path to new opportunities and support billions in technology, investments, and renewable energy sources to meet net-zero goals.
However, automating the complex industrial processes regarding the data captured and validation will enable a new blockchain-based energy asset class.
As per Geoffrey Cann, the global speaker and author of bits, bytes, and barrels, “Oil and gas are under intense pressure, and a new technology era is upon us.” Beyond automation, digitalization, and other technological transformation, the industry is expected to witness a dramatic change in how it approaches relationships.
According to Rebecca Hoffman, the consultant’s projects are creating a baseline foundation to help the only source of truth that will lower the friction and disputes. However, the highest value application blockchain energy is across the entire supply chain, service providers, and production partners.