Will Blockchain Technology Disrupt the Natural Resources Market Too?
There is no doubt that blockchain technology has become one of the most disruptive innovations in the world today. After upending the financial industry, blockchain can now be found in real estate, government, healthcare, and the media.
Is there a role for this innovative technology in the natural resources industry too?
A quick survey of industry heads reveals that the jury is still out on this question. In fact, a study conducted by Deloitte in 2016 found that a significant percentage of senior executives of U.S. companies were not thoroughly briefed on the intricacies of blockchain technology. And even though a majority of the executives surveyed felt that their company would be disadvantaged by not utilizing blockchain, the technology has yet to be fully embraced in the oil and gas industry.
Blockchain Technology is a Perfect Fit for the Energy Industry
A common theme throughout corporate strategic plans is reducing expenses through increased efficiency. One of the best ways to achieve greater efficiency is to employ more simplified processes. And here is where we find the perfect role for blockchain technology.
Blockchain is sort of a digital ledger of financial transactions. It does not rely on a central authority. Therefore, transactional verification can travel instantly across a secure network, providing real-time data accessible by all stakeholders. The result is better management of data, faster processing of transactions, and a reduction in operating costs.
Time to Move Blockchain Beyond the Supply Chain
BHP Billiton, a petroleum and mining company is using blockchain technology to improve supply chain efficiency. This is a great first step. But if the technology is going to truly transform the oil and gas industry, it will have to become an integral part of new strategies to improve overall corporate performance.
For instance, can blockchain play a role in workforce consolidation, or creating greater transparency? Can the technology boost revenues?
The answers to these questions will determine whether blockchain will become as disruptive a force in the energy industry as it has been in the financial world.
Visit source siteBlockchainAccelerating TechnologyBHP BillitondeloitteOilgasSharone Perlstein