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Blockchain Has Potential to Disrupt Supply Chain Management in the Oil & Gas Sector
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Blockchain is predicted to disrupt majority, if not all, of industries in the medium term. At the moment, the development of blockchain technology is already gaining momentum and it is already advancing in number of industries, oil and gas included. The core technology that blockchain can provide, which is distributed ledger, is seen as medium to improve a number of processes within the oil and gas industry that are identified as less efficient and prone to contribute huge portion of expenses to the overall costs. Furthermore, oil and gas operation is complex in nature due to its supply chain that covers the entire continents on the globe. This massive supply chain footprint tends to slow down the operation such as transaction approval since it involves multiple stakeholders with different time zone.This research service discusses blockchain technology along with its implementation in the oil and gas industry. The capabilities of blockchain, such as efficiency improvement in trading process and many others are also addressed in this research service.
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