Distributed ledger technology, also referred to as blockchain, is disrupting sectors across all industries.
By definition, blockchain is a digitized, decentralized, public ledger of all relevant transactions. These transactions are stored as encrypted “blocks” of information over a worldwide connected network of computers. Because the network stretches over many computers, the “chain” making up the system’s “blocks” is distributed, or spread, over the network in a decentralized manner.
As new blocks are created, they are added to the chain in a chronological order, enabling the blockchain to grow indefinitely. All transactions are recorded permanently and synchronized across all of the networked computers in the chain so that retroactive editing or alteration of entries is impossible. As a result, the data is “secure by design,” providing a publicly available, verifiable history of all past transactions.
While blockchain is the technology underlying cryptocurrencies, it is also a practical next-generation data management tool. Blockchain technology is being used by the Swedish government for land registry and the Georgian government for general recordkeeping, Dubai wants distributed ledgers to power its entire government by 2020
In recent years, the oil and gas industry has struggled with challenges that have motivated companies to find innovative solutions to improve its current inefficiencies, including price volatilities and record production levels in addition to an array of national regulations and restrictions, which have led to complexities, cost-cutting initiatives, reduced explorations, and layoffs.
Our platform will allow companies to conduct trade with more trust.
Blockchain will revolutionize certain processes, and we offer companies a simple, intuitive, and safe way to conduct transactions for product trades and transfer instantly across a network without the dependence on a central authority. Our platform is designed for the benefit of companies, putting you first, and providing continuous optimization throughout the supply chain management.
Our consortium offers a unique opportunity for oil and gas industry participants worldwide to plan and guide blockchain development research in directions that maximize benefits to the industry. By identifying needs and gaps in logistics that are not being addressed elsewhere, industry partners can help define Petrobloq research useful to both their immediate and long-term needs, while avoiding the costly investment for in-house blockchain infrastructure.
This platform will simplify trade processes by addressing the challenge of managing, tracking, and securing domestic and international transactions, easily, efficiently, and with more trust.