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Blockchain technology is no longer confined to innovative ideas to change the world. Multinational companies are considering using this technology to improve operations and increase productivity. Shell is another company that wants to ride the blockchain train.
According to the industrial Portal Oilprice, the energy giant has purchased minority shares from Applied Blockchain, which is listed on the Gartner list. The details of the agreement have not been announced yet, but this move will help Shelly discover how this technology can be applied in business.
Blockchain Traded
Applied Blockchain, which operates for nearly three years, has customers from banking, telecommunications,automobile manufacturing, manufacturing and aviation industries. This is the first entry to energy. According to Reuters, shell, BP and Statoil are working on developing a Blockchain-based energy commodity trading platform and technology is gradually entering the energy sector.
Chief Technology Officer Johan Kreberse underscores the great potential that Blockchain brings to the business world:
“Blockchain applications are changing jobs in the energy industry.It has a great potential to simplify our work with our suppliers and make it easier for us to serve our customers. Applied blockchain is an investment we need to add value to our core business and develop new business models.”
Energy and Blockchain
Shell is not the only energy company with blockchain technology. Last year, Merchant House Mercuria began working with ing banks and Societe Generale in the first major oil trade based on Blockchain technology. According to analysts, Blockchain's merger with the oil and gas industry offers a range of opportunities for smart contracts such as cross-border payments, record management, supply chain management and potential applications.
Experts working in Deloitte, a multinational professional services network, said::
“A safe system that mitigates risk, increases transparency, provides audit trails, and accelerates significant cost-effective operations may be attractive to oil and gas companies.”
As the money field expands and more and more companies develop Blockchain solutions, the entire industry will benefit from a revolutionary technology in the way the world does business.
Slowly but surely everyone will get into the 'crypto boat'
Yes ;)
The premium is corn free corn gas is no good
For oil and gas companies to adopt block chain technologies tells me that more executives and "older" decision-makers are grasping the potential usefulness. These companies aren't run by Millennials or Gen Xers. They
are controlled by people like me, middle aged and older, who take more time, generally, to adopt innovations. At the same time, oil and gas executives tend to be among the most intelligent "engineering-types", right? So they would be early-adopters for something as innovative and conceptual as block-chain. This tells me that we are at the beginning of seeing practical implementation of block chain technology at the corporate level.