Distributed ledger technology, commonly known as blockchain, has its roots in the online currency Bitcoin. But blockchain is growing beyond its currency origins, making inroads into the financial services and tech industries toward improvements in operations and finance.
Is blockchain ready for prime time in the oil and gas industry? Is it hype—or a genuine agent of change? The jury is out. Some executives recognize its potential for reshaping their business. Others express concern about disruption, unsure if the future benefits will outweigh the risk and investment demands of being a first mover. More than a few have little or no knowledge of the possibilities—or they may believe that alternate solutions such as robotics and cognitive technology are superior solutions to their current challenges.
In this article, Nonresident Fellow Morgan Bazilian, in cooperation with Mark Koeppen, a Principal in Deloitte Consulting LLP’s CFO strategy practice, and David Shrier, Managing Director of MIT Connection Science, write about the future of blockchain in the oil and gas sector.