Oil and gas consortium to start blockchain testing to automate payments

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The Texas-based OOC Oil & Gas BlockchainConsortium, consisting major players like Chevron Corp, ConocoPhillips, ExxonMobil Corp, Equinor, and Royal Dutch Shell, will soon start testing theblockchain technology to lowering administrative costs in their fieldoperations, along with reducing payment disputes and risk of fraud.

For this purpose, asinitially reported by Reuters, the Group has given a contract toHouston-based software company Data Gumbo to pilot blockchain for waterhandling services in the Bakken shale field in North Dakota.

The pilot project will be using Data Gumbo’sblockchain technology to automate payments and expected to generate around ?3 billionannually in cost savings for the oil and gas water business. According to DataGumbo chief executive Andrew Bruce: “There is going to be a huge amount of costtaken out of the whole supply chain.”

Late last month, areport from Navigant Research argued the market for communications nodesand associated infrastructure for water and gas utility networks is estimatedto go above ?1.97b in 2019 and is expected to reach ?2.22bn in 2024. The reportfound that after 2024, the rising market share among LPWA solutions is expectedto cause communications infrastructure revenue to decrease, even as equipmentand node shipments continue to increase globally.

In June, Global Market Insights had estimated the blockchain in energy market would see 50% profits to reach valuation of ?2.43 billion by 2025. Growing complexity of power grids owing to increasing integration of renewable energy sources along with burgeoning demand for energy efficient systems for optimising the grid operations will boost the market size. Eminent players operating in blockchain in energy market include Oracle, Accenture, SAP, Power Ledger, and Conjoule among others.

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