Welcome to the ninth article in PYMNTS’ Blockchain in Action Series.
Most people at least know that blockchain is the technology that bitcoin and other cryptocurrencies are built on, but a digital ledger that timestamps and orders transactions in an easily trackable and immutable way has many more uses.
See also: Crypto Basics Series: What’s a Blockchain and How Does It Work?
In this Blockchain in Action Series article, we’ll look at the ways the oil and gas industry tracks shipments, pays contractors and tracks the purchase of sustainable fuel using blockchain.
Blockchain in Action: How to Track Anything in Real Time
Blockchain in Action: Combined With IoT, Blockchain Can Fight COVID
Blockchain in Action: Creating a Private, Unhackable and Trusted Digital Identity
Blockchain in Action: TradeLens Connects Shipping, Customs, Trade Financing
Blockchain in Action: Healthcare and Pharma Blockchains Are a Matter of Life and Death
Blockchain in Action: Taming Complexity, Costs in the Insurance Business
Blockchain in Action: Government Records That Can Lift People Out of Poverty
Blockchain in Action: AI, IoT Make Cities Run Better, Faster, Cheaper
It’s fairly popular to disparage the oil and gas industry, but when it doesn’t work efficiently, it can cause potentially enormous disruptions, as Germany and a number of other European Union countries are discovering after Russia cut them off.
While blockchain won’t solve the geopolitical crises arising from Russia’s invasion of Ukraine, it can make other parts of the industry easier, faster and cheaper by tracking supplies on an immutable blockchain and automating payments with smart contracts. Here’s a look at a couple of ways the oil and gas industry has made digital ledgers work for it.
One of the biggest ways blockchain can be made to work for almost any industry is to improve logistics and supply chain management — bringing all producers, sellers, buyers, middlemen, transporters and even regulators…
