Coming to terms with the blockchain technology is a huge transformation for various industries. We are now getting ahead with future innovations that would not just assist the lives of humans, but would further get us ahead for the development of mankind’s future. Nevertheless, with all the new changes; ideologies and drive that would be required as we move on and to get started on that spectrum; we have to be fully aware of what we are getting ourselves into.
Specifically, just for today, we would like to dive into the Oil & Gas industry in terms of Blockchain technology and development. Welcome aboard if you are new with the term Blockchain; let alone the adoption and adaption of it in any industry. The buzzword is at the back of everyone’s minds, but what does it have to do with everything that is already on-going and growing as we breathe? The mystery of it continues and we shall explore it all together.
Distributed ledger technology means it works in a way where everything can be seen, monitored and fully fleshed out, whilst being chained from one point to another. Traditionally, the oil and gas industry works in its own special way; which is highly dependent on paper-based transactions, that result in inefficiencies that would somewhat create a hassle and eventually would be prone to errors.
As this rises and operations are paused, it automatically creates a loss for the companies. In the end, various stakeholders to company owners would face significant challenges and issues along the way.
There are challenges in various industries, including the energy sector. One major aspect to look into it is; reducing the mistakes or prioritising what matters on the big plate. However, that does not mean you care less about the rest; but it means you take a deep dive into the one that could be transformed, and minimise the focus on what has been shining and succeeding for many, many years. With such innovation and implementation, efficiency and transparency can be easily achieved.
Digital transformation is no longer a stranger to anyone these days, unless of course you were living under a rock. As outdated trading platforms and the security of documentation from all spectrums of administration could be demolished in a single click, the security of the sector takes on a totally new dimension.
We, however; do not want to practise such acts anymore when the future technology can provide the security and transparency that we all — need and want for the rest of our living tenures, and our entities.
From pricing discoveries to services contracts, as well as the life cycle of the entire transaction, one would be able to create a potential diversion in the digital world. Not only that it would process efficiency, but rather, a direct cost-effective progression from every corner of the way that any entity would acquire.
With such advancements, the trading, to billing and payment administrations in the energy sector can be simplified and secured thoroughly where everything is visible in every possible way and be permanent for good. By the same token, regulating massive documentations can be addressed- in a systematic way. Alas, it is a huge transformation; not only for the energy sector; but also for others, namely supply chain to health and more.
We now see a fusion in the energy industry which allows an essential mixture of Blockchain adoption of the value-added in the whole system for the energy industry to more. Grand View Research (2018) further expected that the global blockchain technology market size will be reaching nearly $7.59 billion by 2024. Ultimately, we will be seeing a spike of growth of Blockchain technology for the future development of what we do, preach and chat about on a daily basis till the end of time.
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Nurul Zamrè is an ardent writer for the past 15 years of her living tenure on science & technology, agriculture, health, communities, management and more. She is also a News Anchor at RTM, a general manager of AHVN, a model, VO artist, emcee, gymnast, ballerina and a lover of everything chocolates.
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