Oil and gas companies seek the most efficient and cost-effective ways to manage their relationships. The website oil-profits.com/ will assist traders in their bitcoin journey with the best trading tools, fast payouts and a phenomenal customer support.
The use of DLT, in particular, can offer unprecedented transparency between parties required to meet the needs of regulators and customers in the modern era. In 2018 alone, five significant initiatives from large-scale global energy suppliers used DLT to transform their business processes. Furthermore, with cryptocurrency-based payments and blockchain-based smart contracts, companies can automatically trigger events or actions when contractual conditions are met, regardless of the time zone the other party is in.
The following three use cases from large oil and gas companies demonstrate a real advantage to understanding how businesses can use blockchain technology to streamline their operations and improve commercial relationships with customers.
Implementing Blockchain for Asset Management
One of the most significant barriers in the oil and gas industry is the challenge around asset management. Offering a wide range of assets and services is nothing new for the industry, but keeping track of who has what across multiple locations and time zones is increasingly complex. Relatedly, the pressure to reduce costs is intense.
Oil and gas companies can overcome these challenges by implementing blockchain technology in their asset management processes. By digitizing assets and contracts, they can ultimately ensure a single version of the truth
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