2nd annual blockchain in oil &
The surge in the value of cryptocurrency Bitcoin and the subsequent roller-coaster-like volatility in its price has caught the fancy of investors, speculators, and the general public. Beyond the stories of rags to riches and vice versa for those who speculated at the wrong time is the story of the technology that makes Bitcoin and other cryptocurrency work— blockchain. Blockchain is a reliable, difficult to hack record of transactions and of who owns what. These transactions can be cryptocurrency, land records, financial transactions, contracts, or any data. In other words, it is a trustworthy ledger which maintains records. What advantages does blockchain offer over conventional methods?
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- How to Use Blockchain in Oil and Gas Industry
- Can this Digital Ledger Technology address the immediate concerns of the Oil and Gas Companies?
- Blockchain in the Oil Industry: Insights shared at the UEIL Annual Congress
- Adoption of blockchain in oil and gas industry
- A Solution by brands for brands to enhance luxury customer experience
- Top cryptocurrency prices today: Bitcoin, BNB zoom up to 6%; Terra bleeds
- 8 Blockchain Startups Disrupting The Agricultural Industry
- Oil drillers and Bitcoin miners bond over natural gas
How to Use Blockchain in Oil and Gas Industry
Blockchain technology reaches into all spheres and industries. Some are less prone to disruption while some a bit more. So how is one of the biggest industries of oil and gas standing in that ring? Ready for disruption? This is only the number for the Upstream sector which is dealing with research, development, and operation of oil and gas fields.
In this article, we will try to explain what impact Blockchain technology in the Oil and Gas industry could have. This directly translates to the enormity of capital that is being shifted inside this whole industry. Various companies are providing advanced solutions and applications to the players. The upstream side is especially fond of those. These aspects of the business have mostly stayed untouched by innovation which opens the doors to new digital solutions and blockchain fits naturally into this narrative.
The first step is to decide if blockchain is applicable in the industry. To do that, four key areas have been located and are set to model the discussion and lead key decision-makers towards conclusions.
Those are Upstream, Midstream and Downstream companies. Researchers from TATA Consultancy services have also located four indicative problems that are emerging in each of the sectors and how can blockchain solve those issues. Likewise, the aforementioned sectors are characterized by significant investments between cooperating parties, especially on the Upstream side. Frequent ownership changes, transactions, and information exchange are essential processes due to the nature of market price action for oil and gas derivatives.
Because of those features, the industry is a perfect candidate for blockchain technology, notably in the area of ownership conversions, cost-sharing and contracting between several parties.
Concerning that, the whole regulatory side of the domain is heavily dependant on reporting to governmental bodies which adds a dimension of transparency that is already inherent in blockchain tech. A fantastic industry use case is coming straight from the biggest Russian operator for refueling of airplanes, Gazpromneft-Aero.
Together with the S7 airline they have developed and implemented a blockchain-based smart contract AFSC — Aviation Fuel Smart Contract that speeds up the current speed and efficiency in reciprocal settlements during the airplane refueling process and also automizes planning and accounting in fuel logistics. This is one of the first blockchain implementations on the Russian market and with it, airline companies have a chance to facilitate instant payments for fuel without prepaying or overpaying.
Likewise, the whole process of bank guarantees and financial risk is removed due to the smart contract, and that adequately reflects on the lowered costs of personnel and manual labor. Aforementioned goes directly with research done by Accenture :. Oil is one of the most famous trading commodities on world markets.
Price movements and volatility remain present all the time as a massive amount of information is influencing the price. Currently, the whole system is based on several very complex ledgers that track trading and transactions over this commodity. These systems are centralized and incredibly hard to manage as they are open to manipulation, hacking and corruption. By implementing blockchain tech, there is a possibility to reduce costs that are associated with updating, maintaining and securing the trading system.
Consequently, it lowers the costs related to data management, visibility, settlement drawbacks, conflict resolution, and inter-system comms.
The company also plans to test the platform with other commodities. On that note, blockchain tech can be implemented into the exchange of specific data related to the operations of certain midstream companies. Decentralized Data Exchange for Pipeline Industry PD-DEX is a distributed system based on blockchain technology which allows for an exchange of data between users or stakeholders while securing the integrity and transparency of the given data.
The targeted challenges and issues that appear in «traditional» access to data from companies that are in the business of gas, oil and water transport midstream companies are mostly of legal and integration nature of sharing that data outside of corporate boundaries. The platform is modeled in such a way that the data is anonymized and transferred between two parties willing to do a data-set exchange under a specific classification while all other stakeholders and users can confirm the transaction and validate its trustworthiness.
PwC research lays out the benefits and criteria under which blockchain technology systematically fits into the given domain of issues:. On the way to a greener and efficient system, blockchain technology will play a significant role in the optimization and cost efficiency-boosting of the whole market.
The ultimate goal is to drive the core elements of interaction between companies from analog and full of friction into natively digital implementations. Those elements are money, securities, trust, agreements, and identity. These elements are inherent to every industry and demand processes and tools like stamps, ink, centralized ledgers and are open to subjective jurisprudence as well as human error.
That infrastructure is currently being developt locally with companies that we mentioned above. With the optimization and growth of internal projects, whole industries will start advancing towards the next step, and that is interoperability and networking. This article was also published on the biggest Croatian News Portal. Co-founder of Async Labs and an avid scuba diver. Passion for tech and startups. Always going the extra mile. I think I wrote a book - www. Table of Contents hide.
Tags: blockchain gas oil. Luka Klancir Co-founder of Async Labs and an avid scuba diver. Welcome to our side. We have cookies to enhance your user experience.
Can this Digital Ledger Technology address the immediate concerns of the Oil and Gas Companies?
Held under the patronage of Crown Prince Mohammed Bin Salman, the 14th edition of the oil and gas conference will have Saudi Aramco serving as the exclusive host. The conference will involve regional energy ministers, industry leaders, and governmental representatives to discuss their views on timely industry topics and trends. The event shall attract over 18, attendees from more than 70 countries, to tackle over diverse topics. Aluminum is set to reach its highest price for more than 30 years, according to the CEO of mining company Eurasian Resources Group. Benedikt Sobotka believes a combination of Chinese demand, a global focus on renewables, and rising electric vehicle production will further push up the cost of aluminum over the upcoming 12 months. The market will remain in a sizable deficit for the second consecutive year, with visible inventories at the lowest level since the global financial crisis. His comments came after a year in which the cost of metals and other commodities rose, with copper, iron ore and natural gas prices hitting all-time highs.
Blockchain in the Oil Industry: Insights shared at the UEIL Annual Congress
Are you interested in testing our corporate solutions? Please do not hesitate to contact me. Additional Information. The source describes this as "the energy consumed by the Bitcoin [mining] network". Global household electricity prices , by select country. Ethereum ETH mining profitability up until January 9, Skip to main content Try our corporate solution for free! Single Accounts Corporate Solutions Universities. The average energy consumption for one single Bitcoin transaction in could equal several hundreds of thousands of VISA card transactions.
Adoption of blockchain in oil and gas industry
The Canadian technological landscape is evolving at an exponential rate. Blockchain technology in particular is having an unprecedented impact, particularly across the oil and gas sector, with the growth of Blockchain adoption in Canada considered to be amongst the fastest globally. The Canadian market is gaining international recognition for pioneering Blockchain technologies across multiple industries and being at the forefront of technological advancement. The opportunities for the oil and gas market have never been riper. The 2nd Annual Blockchain in Oil and Gas Canada conference will bring together stakeholders and decision makers across the value to chain to discuss how the transformational effect of Blockchain is revolutionalising the oil and gas market and creating new opportunities for innovation.
A Solution by brands for brands to enhance luxury customer experience
In this research, the evolution of blockchain applied to supply chains has been mapped from the inception of the technology until June , utilizing primarily public data sources. We have analyzed blockchain projects on parameters such as their inception dates, types of blockchain, status, sectors applied to and type of organization that founded the project. We see the shift of market interest from private companies startups to public companies and consortia and the change in blockchain adoption from Ethereum to Hyperledger. Finally, we observe more market-ready solutions and fewer inactive projects for Hyperledger-based projects than Ethereum-based projects. Distributed Ledger Technology DLT promises to disrupt business models, business processes, and aspects of society by creating information systems that are transparent and provide a single point of truth for all members of a network Pilkington,
Top cryptocurrency prices today: Bitcoin, BNB zoom up to 6%; Terra bleeds
Blockchain and IoT are both often mentioned as important digital transformation technologies. But what about the combination of both? An overview of blockchain and IoT in combination. Blockchain technology , a form of Distributed Ledger Technology, has been gaining enormous attention in areas beyond its cryptocurrency roots since more or less blockchain and the Internet of Things IoT , blockchain and cybersecurity , blockchain and finance, blockchain and logistics , you name it. Organizations that are relatively more mature in adopting IoT are also seen to be way ahead in their implementation of blockchain technology Gartner.
8 Blockchain Startups Disrupting The Agricultural Industry
Blockchain and Distributed Ledger Technologies DLT are innovative technologies that have many uses and applications across multiple sectors of the economy. Examples include ensuring the authenticity and integrity of videos and photos from cameras, sensors, and Internet of Things devices; enhancing and facilitating international trade and customs processes; facilitating and securing passenger processing; and mitigating forgery and counterfeiting of official licenses and certificates. This would limit the growth and availability of a competitive marketplace of diverse, interoperable solutions for government and industry to draw upon to deliver cost effective and innovative services based on blockchain and distributed ledger technologies.
Oil drillers and Bitcoin miners bond over natural gasRELATED VIDEO: 9 – UNLOCKING VALUE IN OIL AND GAS USING BLOCKCHAIN
This event has been tagged as follows:. The Canadian technological landscape is evolving at an aggressive rate. Blockchain technology, in particular, is having an unprecedented impact, specifically across the gas and oil, with the growth of Blockchain adoption in Canada considered being one of the fastest worldwide. The Canadian market is gaining international recognition for pioneering Blockchain technologies across various industries and being at the forefront of technological advancement. The opportunities for the oil and gas market have never been riper. The Annual Blockchain in Oil and Gas Canada event will gather decision-makers and stakeholders across the value to chain to explore how the transformational effect of Blockchain is revolutionalizing the oil and gas market and creating new opportunities for innovation.
A higher output wattage generator was picked for the project to take into consideration the efficiency derating because of high BTU gas. The project development was rather urgent therefore EZ Blockchain quickly prepared a used mobile data center for this application making some minor upgrades in electrical infrastructure to meet the client's deadline. Smartbox was equipped with VFDs to regulate the fan speed based on the ambient temperature to keep crypto-mining hardware running at optimal efficiency. Our procurement department was able to utilize its network of hardware suppliers, distributors to source hardware at a reasonable price without the risk of price change for the client. EZ Blockchain networking team built a networking infrastructure that allowed them to successfully transfer data at a very low internet speed. We analyzed the connectivity availability in the area and sourced the satellite internet with a redundant cell internet backup. The digital mining of Bitcoin and other cryptocurrencies is an incredibly energy-intensive process.