World petroleum giants invest in blockchain

blockchain in oil and gas

Innovative startups and great intentions of making the world better is no longer the case for Blockchain technology. Colossal multinational companies also want to use Bitcoin technology to enhance their business operations and increase productivity.

The latest industry in the alliance to invest in the blockchain technology is Petro Corporation Shell.

As stated by the industry portal OilPrice, the energy giants have acquired a marginal share in Gartner-listed opening Applied Blockchain. Though they are yet to disclose the details of the deal, the process will allow the London startup to assist Shell to discover the ways and process the Bitcoin technology will be useful to its business.

Cryptocurrency and Business

Blockchain has been in business for 3 years now; Blockchain has investors from the aerospace, banking, telecoms, manufacturing, a dry car making industries. Now it has delved into energy.

As the technology gradually enters the energy sector, an association involving BP, Shell, and Statoil are working to develop a blockchain-based energy product trading platform.

Shell chief technology officer Johan Krebbers highlighted the huge potential blockchain tech has for business:

According to Johan Krebbers (shell chief technology officer), he highlighted that Blockchain applications possess great potentials to influence how things are done in energy industries from streamlining methods to cutting down working relationships with suppliers and customers.

Shell and other energy companies are looking forward to incorporating the blockchain technology.  In 2017, it was stated that the trading house, Mercuria began working with Societe Generale and banks ING on the major oil trade built on blockchain technology

According to market specialists, the union between the oil sector and Bitcoin offer several prospects for streamlining and developments in smart contracts, record management, cross-border payments, and supply chain management as conceivable applications.

As cryptocurrency develops and more industries build blockchain solutions, many industries will profit from technologies that are transforming how business is done.