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Blockchain Report, Oil & Gas Technology Report

Blockchain in Oil & Gas - Thematic Research

Awash with hype, but with a powerful core value proposition

In 2017, blockchain became one of the most hyped technologies ever, with increasingly lucrative claims made about its capabilities and benefits.
However, the bubble will burst in the next two years, due to blockchain finding a useful, but not quite “transformational” role in supporting distributed processes.
The capability to successfully execute transactions without the presence of a central authority can be considered a leading benefit of blockchain technology for the oil and gas industry.

  • What you need to know...
  • We expect to see strong growth in blockchain related revenues between 2018 and 2021.
  • For leading service providers like IBM and Accenture, blockchain represents a catalyst for broader, more lucrative, transformation projects.
  • The Bank of England has already signaled that it is exploring the potential of “minting” electronic pounds, and several other central banks are considering similar approaches.
  • The oil and gas industry works with sensitive data and requires highly efficient data management processes and security. This is where blockchain can be very useful for managing and securing data.

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The impact of blockchain on the oil and gas industry

At present, the oil and gas industry is going through challenging times. This is due to the recovery from the oil price crash that began in late 2014 by negotiating a prolonged production cut among the key oil producers. Read more in our report, Blockchain in Oil & Gas – Thematic Research.

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