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The below-mentioned portion examines the blockchain ecosystem in the oil and gas industry and provides actionable intelligence on opportunities and challenges at a high level of detail. It does not seek to be a technical primer on blockchain but offers practical advice for companies interested in using blockchain for supply chain security purposes.
The ultimate goal is to help these companies understand the technical challenges that users must address before achieving real-world results from using blockchain in the oil and gas industry. The blockchain ecosystem described here is relevant to blockchain use cases in general. While one might argue that the proof of concept stage for blockchain implementation in oil and gas is over, it certainly falls short of being a commonly accepted practice in production.
The below provides insight into using blockchain tech within the oil and gas industry, given its potential to reduce total cost through digitization, increase process efficiencies through automation, lower corporate social responsibility costs due to provenance tracking and traceability, etc. This report has identified several key health areas for the oil and gas company:
Blockchain can provide real-time visibility into supply chain activities. It is a critical area for oil and gas companies to focus on as digitization has led to more supply chain fragmentation and an increasingly complex supply chain environment.
Blockchain is not without its challenges in the oil and gas industry. For example, there are specific concerns surrounding heat exposure of hardware components; it also requires addressing privacy concerns concerning sensitive operational data that users must share across sites, countries, organizations, and regulated entities.
Companies in the oil and gas industry need to understand the potential implications of applying blockchain technology to their processes, supply chains, and data analytics. International businesses, in particular, will have limited responsibility for data sovereignty. However, many issues still need to be addressed to ensure that the data is complete, up-to-date, and actionable, meaning that it is not lost or destroyed as it traverses through supply chains.
On the compliance side, there are critical challenges concerning privacy concerns about sensitive operational data that people must share across sites, countries, organizations and regulated entities. While there will be a limited responsibility for data sovereignty, many issues still need to be addressed to ensure that the data is complete, up-to-date and actionable.
Security and Risk Management
Security is still essential in the oil and gas industry, with cyber threats growing in sophistication, extending from government-sponsored hacking efforts to politically motivated attacks. Blockchain has the potential to help tackle some of these issues, as it protects counterfeit products by recording every transaction related to its origin. It also provides greater visibility into supply chain activities across multiple sites, which companies can leverage to improve processes and reduce supply chain costs.
With the Oil and Gas industry being one of the largest global industries, it is imperative to understand how it can leverage e-procurement for seamless supply chain management for all its stakeholders. Blockchain has the potential to help realize this vision by providing an automated, compliant and complete supply chain process. However, there are several stumbling blocks about privacy concerns, lack of a common standard, security requirements, and the immaturity of blockchain technology.
The energy industry must adopt technologies like blockchain to ensure that their data is reliable, consistent and actionable across global supply chains. However, there are several stumbling blocks regarding privacy concerns, lack of a common standard, security requirements and the immaturity of blockchain technology.
Blockchain can open up new avenues of innovation for the oil and gas industry. But, first, it is essential to understand its limitations and the steps needed to make it a more valuable tool for every company in the industry.
The above portion concludes with a section on implementation considerations and recommendations for C-suite executives focusing on supply chain security in the oil & gas industry. Blockchain can enable greater visibility into the activities across multiple sites, which companies can leverage to improve processes and reduce supply chain costs.
To address this issue, companies must focus on creating better digital processes that bring together all of their partners in one place to ensure everyone is on the same page about what is happening throughout their entire operation. It involves creating new technology solutions that meet industry-wide standards for interoperability and data compatibility.
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