Today blockchain is commonly associated with financial and IT companies. Taking into account the opportunities, that the technology provides for business (for example, to save up to $ 16 billion on banking and insurance commissions), this situation is fully justified.
However, in fact, the functions of blockchain are not limited to these industries and have a much wider range of applications. For example, due to the optimization of management and transparency of operations it allows to modernize operations of such conservative industries as real estate and production.
It is also quite likely that independent or vertically integrated oil companies, including governmental companies, will also become the targets of blockchain.
According to the Oil & Gas Monitor research, petroleum companies spend more than $ 50 billion on information technology, counting on an investment return of at least 40%. On the contrary, the cost of blockchain implementation is lower, and the expected ROI, respectively, is higher.
馃敻 Blockchain in petroleum industry would be justified. Blockchain might be used for:
馃敼 inventory and asset management;
馃敼 registration of transport and technology state;
馃敼 purchases and sales - suppliers identification, procurement contracts signing, audit optimization and much more.
Therefore, it is quite possible that even this year petroleum companies will look at the blockchain from a completely different point.