blockchain

The national oil company has bought $5 million in new shares, which Vakt says will be used to upgrade its platform and plan for expansion in Southeast Asia.

Rather than waiting for a dominant player to emerge, the oil and gas industry is at a point in its journey with blockchain where it makes sense to actively start working toward common architectures and standards in the blockchain domain.

Blockchain technology is changing the nature of money and organizations. We should probably start pondering the potential consequences.

Ten big names in the oil and gas business created a group to try out ways to use blockchain in the oil business, and test if the record keeping and automatic data collection software can track water shipments more efficiently.

The OOC Oil and Gas Blockchain Consortium, whose members include Chevron, ConocoPhillips, Exxon Mobil, Equinor, and Royal Dutch Shell, has awarded a contract to Data Gumbo to pilot the technology for water handling services in the Bakken shale field in North Dakota.

Recently, AI researchers from Microsoft open-sourced the Decentralized & Collaborative AI on Blockchain project that enables the implementation of decentralized machine-learning models based on blockchain technologies.

Shell is continuing its exploration of blockchain with yet another investment in the technology, this time investing in LO3, a startup using a modified version of the Ethereum blockchain to make it easier for individuals to buy and sell locally produced energy.

Blockchain, the underlying technology behind the sensational Bitcoin, could profoundly affect the oil and gas industry by cutting down on operational time and costs while also introducing more transparency to the industry.

Blockchain technology may have gotten its start by keeping cryptocurrency traders honest, but its usefulness is expanding. And the oil and gas industry is taking advantage.

The blockchain-based automated system pilot is expected to integrate oil and gas production, providing a platform for the tracking, validating, and execution of transactions at every stage of the project life cycle.