The technology has caught the attention of all of the major players in the oil and gas industry. In essence the characteristics that blockchain technology harnesses are exactly what the industry needs. Complete transparency from the source of the product to operations and logistics. The way blockchain performs with immutable data that can be accessed by all stakeholders at all times which makes smart contracts the ideal component to the issue.
This would create a transaction process for other corporations to see and track data. The integration of the blockchains will create many opportunities for individuals and companies alike providing accuracy and transparency within transactions. The industry has seen a 280% increase from 2017-2018 by venture capital funding in blockchain and crypto-currency startups.
Click here for more information.