These important multinational companies will use this technology for proof of concept

The blockchain technology reaches more and more spaces. This time, seven global oil and gas companies, including US industry giants like ExxonMobil and Chevron, decided to team up to form a consortium of block of chains.

The information was given through a press release on February 26th. The group will be called Oil & Gas Blockchain Consortium. Its goal is to drive proof-of-concepts (PoC) to explore and apply the benefits of blockchain technology in its industry, as well as contribute to the global adoption of blockchain technology.

According to the press release, the consortium is the first initiative of this kind in the oil and gas industry in the United States of America. The founding members include two of the 10 most important oil and gas producers in the world. ConocoPhillips, Pioneer Natural Resources, Hess, Equinor and Repsol are part of the association.

Rebecca Hofmann, Chair of the Offshore Operators Committee (OOC) board of directors, said that the creation of the consortium is an important step, especially for the establishment of a basis for standards, frameworks and capacities oriented to blockchain technology for the oil and gas industry.

“The blockchain technology is a catalyst for reimagining the way we do business, and this consortium represents a collaborative effort to explore the potential of technology, in order to take advantage of learning to boost the adoption of the industry”, she said.

Also, in February, Vakt, a post-trade platform for oil, got four new clients, including BP, Shell, and Total, as well as industry giants such as Chevron, Equinor, and Reliance Industries.

Designed to improve product trading and reduce paperwork, Vakt was launched in November 2018 and, so far, continues to add success. Etienne Amic, former Executive Director of JPMorgan Chase, was appointed new CEO of Vakt to provide the platform with his direct experience in commodities trading.

In the other hand, JD Franke, Vice President of the board of directors, said: “The consortium is eager to start building a foundational network of business partners to advance collaboratively, especially in cases of use within exploration, finance, IT, the land, the operations and the supply chain, while taking advantage of the apprenticeships among our members”.

Once again, blockchain technology shows its effectiveness and inherent benefits for the implementation of its use in several different areas, from the commercialization of oil to the monitoring of food supply chains. This type of initiative, without a doubt, will highlight the name of a technology which came to stay and that, as we know, has the potential to change the world.

Chevron and ExxonMobil, two of the 10 largest oil and gas companies in the world, have revenues of 237,000 million dollars and 134,000 million dollars, respectively. The US oil giants now adopt blockchain as a tool to test the new concepts and ideas to be implemented in the global gas market. Blockchain continues to surprise and scale new areas to develop and remain in important methods of payment and organization worldwide.

By María Victoria Rodríguez


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