Blockchain technology is, at its core, a decentralized ledger. It tracks and records transactions of any kind (like trades), but it does so cheaper, more securely, and more eficiently than legacy systems. Whereas today’s proprietary systems require security, immediacy, and tamper-resistance to be additionally programmed into the software (thus making it vulnerable to hacking), a blockchain has these qualities as core, immutable tenets. The Ethereum blockchain — with $30 billion market cap honey pot (Aug. 2018) — has never been hacked.
But blockchain is growing beyond its currency origins, making inroads into the inancial services and tech industries toward improvements in operations and inance. Is blockchain ready for prime time in the oil and gas industry? Is it hype—or a genuine agent of change? The jury is out. Some executives recognize its potential for reshaping their business. Others express concern about disruption, unsure if the future beneits will outweigh the risk and investment demands of being a irst mover. More than a few have little or no knowledge of the possibilities—or they may believe that alternate solutions such as robotics and cognitive technology are superior solutions to their current challenges.
Blockchain could be an important vessel to carry the industry’s data transformation forward.One element of this new technology that can bind skeptics and true believers is the potential of blockchain as a means of simplifying processes that can lead to enhanced eficiency and cost reductions. Blockchain can offer transactional veriication instantly across a network, without relying on a central authority— potentially reducing operating costs, more securely storing and managing data, and improving the speed of transaction processing.That’s the big picture, and some major global players are already hopping on board.
Management and a clearer understanding of the assignments and expectations of each player on the ield. Innovation isn't just about inluencing existing business models in a positive and productive way. It's also about how to monetize new ideas. Oil and gas companies have struggled through price volatility and record production levels in recent years, often leading to massive cost-cutting efforts, reduced exploration, and layoffs. This has forced oil and gas companies to drastically rethink how they operate and identify innovative ways to improve transaction processing.
Time delays and risk of non-payments in cross border business transactions related to oil and gas industry are creating anadequate need for effective and eficient technologies that help the industry to manage the supply and demand of oil, gas and related products.
ECOSC Ltd. would start using the technology to enhance supply chain eficiency, better secure real-time data generated during delivery, and create a chain of order requests connecting engineers, analysts, and laboratories, according to crypto Magazine and other media accounts. Its has introduced a new platform based on blockchain to cater the need of cross border business transactions. It will empower the oil, gas, mineral and other products companies to use the platform for communicating with small and medium enterprises and in turn will provide a fully veriiable and audited asset reserve to ensure its value, stability and security as anemergingway of trade.
The ecosystem will be based on the blockchain technology in conjunction with smart contracts to facilitate the business transactions related not only to the oil and gas but it would be catering the entire supply chain of several other products and commodity. The proposed system will eradicate the traditional challenges of supply and demand such as transparency, cross border payments, on time demand generation etc.
Every day, billions of companies and individuals use oil and gas to commute, work, heat homes and ofices and perform many other activities. Our teams will work to maximize control value of products, secure supply to reineries and transport energy to consumer hubs, all while managing the related inancial and logistical risks.