A blog posting from Accenture’s Pierre Mawet and Michael Insogna ruminates on the potential of blockchain in oil and gas supply chains. Blockchain, the technology that underpins the Bitcoin cryptocurrency is presented as a digital disruptor that could make the oil and gas supply chain ‘more efficient.’ Blockchain, a peer-to-peer transaction ledger, is claimed to minimize the need for oversight and governance. Banks, sensing the competitive threat, are setting up their own blockchain platforms. Utilities are ‘trying to reinvent’ the energy grid with the technology.
Accenture sees Blockchain as enhancing compliance, process efficiency and providing an audit trail for sensor data from the internet of things. The technology has application in order-to-cash and import/export processes that are currently ‘slow, cumbersome and unpredictable.’
© Oil IT Journal - all rights reserved.