Blockchain Revolution in the Oil and Gas Industry

Research Overview

Author: Douglas Heintzman
Release Date: May 31, 2022

Abstract:

This project shows how blockchain innovators in oil and gas are reimagining the energy industry from exploration and discovery to asset retirement and environmental renewal. It highlights use cases for tracking carbon and trading carbon credits (e.g., Guild One’s Energy Blockchain Exchange), coordinating contracts among multiple partners, assuring land and royalty rights, digitizing oil and gas post-trade settlement (e.g, Quorum-based Vakt for commodity trading post processing), streamlining and automating compliance, monitoring operations, maintenance, and inspections, all the while transitioning to a sustainable future.

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