Blockchain technology is being implemented in many other fields of industry other than crypto-currency due to its versatile uses. Experts have acknowledged the revolutions caused by this technology and want one of the biggest sectors of industry to apply it i.e., the oil industry.
Members of the oil sector have been discussing the need and implementing methods of a digital oilfield and the idea is no longer a vague concept but rather a work in process.
Digital technology has always been considered in increasing efficiency to manage industrial sectors, whether it is related to oil or not. But to create a revolution, a world-changing technology is necessary and the participants are searching for every potential method.
Oil and gas collectively can become significantly more profitable if they adopt complete and proper digitalization. Experts have even gone as far as to say that, its financial worth will rise by more than $1 Trillion. This industry already has implemented simple data processing and acquisition units before anyone else.
There are a few major technologies, which are keystones to this revolution. The greatest being downhole communication. This technology is the foundation for data transfer as well as communication in the industry.
Blockchain technology will help the sector in computing and accessing data. The implementation of this technology will help in easing up the process of supply chain management and keeping records of the inventory.
However, blockchain technology is still far from meeting the needs of the oil and gas industries mainly because of constant fluctuations like the crypto-currencies. The blockchain technology is moving towards attaining a state where it will no longer depend on a stable crypto-market but rather distinct itself from the effects of crypto-price action altogether.
Members of the oil industry will continue to look at emerging technologies. However, whether they implement blockchain technology or not remains to be seen.