What are some opportunites brought by blockchian in oil and petroleum industry?

Blockchain
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#1

Many industry professionals believe that blockchain can significantly improve the efficiency of all procedures engaged in this industry.

Let us take a closer look at some of the blockchain’s applications.

Physical commodity trading

There are several manual procedures involved in existing trading processes, and it is necessary to enter the same data into many systems, each with levels of data reconciliation.

Because the same data will be available to all participants in the network at the same time, the time spent reconciling pricing and volume variances will be reduced. This will also shorten the working capital cycle, improve efficiency, and accelerate the overall process.

There have also been recommendations that a digital currency based on this commodity be introduced for better consistency and speedier payments.

Increased trust

The blockchain network can securely store employee and contractor information and certifications, strengthening confidence and improving working safety.

Compliance

Because the business is extensively regulated, with protocols ranging from taxation to environmental, there will be greater visibility and transparency when this data is kept on the blockchain network and made available in real-time.