Transforming oil and gas exploration: blockchain’s promise and challenges

The global oil and gas exploration and production sector has faced unprecedented challenges, grappling with revenue fluctuations amid the COVID-19 pandemic and market volatility. However, blockchain technology offers enhanced transparency and decentralization and is poised to positively impact this huge $5.3 trillion industry. According to Deloitte: “Oil & gas companies that leverage blockchain can improve trade accuracy, increase scheduling and back-office (e.g., invoicing and settlements) efficiency, accelerate access to trade data, and shorten the working capital cycle.” The disruptive influence of blockchain holds the potential to disrupt the oil and gas exploration industry in a variety of ways, including:

·      transparency and traceability

Blockchain technology offers substantial benefits for the energy industry, particularly in the oil and gas sector, by providing traceability and transparency across the supply chain. By leveraging blockchain technology for transparent tracking…