Competencies in the oil and gas industry give Technotec Digital specialists a clear idea of how blockchain technology can be used in the oil and gas field. And, if you think that the blockchain can only be used, for example, for tracking raw materials or for various transactions, actually his is not the case.
Let’s find out how Oil & Gas Consortium applied the Blockchain the blockchain. And was the first in the industry to do it!
The Oil & Gas Blockchain Consortium which was created earlier this year to develop blockchain-based solutions, includes several oil and gas companies, such industry giants as Shell, Chevron and ExxonMobil. The organization operates with the assistance of the Offshore Operators Committee (OOC).
The blockchain was used to conduct votes on spending issues.
Voting was held to approve capital investment and expenditure projects, as well as to determine the profit and interests of participants in the joint working contract in the oil and gas field.
Previously, voting was carried out personally, so the blockchain has significantly accelerated this process. In addition, it made it possible to verify the authenticity of records and reduce the number of errors due to the use of smart contracts.
The Technotec Digital team believes that it is necessary to change the fundamental processes in the oil and gas industry and, as can be seen from the example, it is possible to use the latest technologies. We are confident in our words, because our solutions are focused on the real economy and have already been successfully used!
