Blockchain & Energy
The past years, the Energy industry has been driven by innovations. For example, rooftop solar, electric vehicles & high-end wind farms. The blockchain-tech has a lot of use cases across different industries, Energy is often less recognized, but no less interesting. Some use cases for the Energy industry which are remarkable are; real-time (data) management and energy certificates onto the blockchain.
Not only green/renewable Energy benefits from the blockchain-tech, but it also has advantages for oil & gas. For example, oil is one of the most traded commodities in the world and requires a huge network of tankers, refiners and governments (incl. different regulators). This current, complex, network, is full of inefficiencies.
Huge oil & gas organizations are exploring and investing in the blockchain-tech due to its ability to lower costs and reduce environmental impact. Most organizations are concerned about the privacy of their business and trading secrets.
That‘s where the private blockchain
steps in, this network offers data protection and selective organization access to approved companies.
Advantages in the Energy industry are:
PrivacyEnvironmental sustainabilityReducing costsTransparency for stakeholders
Oil & Gas
Implementing blockchain-tech in the oil & gas industry can reduce costs such as; labour, data-management, contracts and the ability to track the origin. The oil and gas industry is so huge they have been split up in different categories, up, mid, and downstream.
- Upstream, exploration & production. Accountability & transparency for the stakeholders as they do no longer rely on data from 3rd parties.
- Midstream, transport & storage.
The midstream can benefit from the maintenance costs and heavy regulations as it crosses different borders during its transportation.
- Downstream, turning crude oil & gas to everyday products.
Management of products including associated transportation requirements, rules & laws, and track origins.
Finally, an overlaying network which can communicate between the different categories. From production to transportation, to finally the gas-station. This would save time and money and increased quality.