Blockchain Oil and Gas Industry is a digital distributed ledger for the oil and gas energy companies. It is secured using cryptographic methods which can be easily programmed to capture all transactions that matter to a company. In addition, Blockchain oil and gas industry store data and valuable information in a chain of blocks, making the data visible to all stakeholders. These chains make it impossible for third parties to access the information, thereby increasing transparency between stakeholders, as one data input is made visible to all the connected blocks.
How does EnHelix Blockchain work?
EnHelix is software leader in providing commodity trading and logistics management solution driven by integrated Artificial Intelligence, Blockchain, and AWS cloud to serve commodity businesses of size and kinds. EnHelix blockchain is deployed entirely on the cloud. The software platform works on top of the best Enterprise-grade framework Hyperledger Fabric on super scalable AWS services – business solutions and technologies packaged for a faster blockchain production system. Enhelix blockchain solutions for the oil and gas sector comprises of three major systems which include:
- EnHelix Marketplace Blockchain system: Here, energy and commodity firms can conduct business transactions using smart contracts in order to reduce paperwork and reconciliation for post-trade and order operations.
- EnHelix Logistics Blockchain system: This was created for midstream, cargo brokers, and logistics companies to streamline their scheduling, nomination, and billing operations with improved speed and transparency using distributed ledgers.
- EnHelix Settlement Blockchain: This is a fin-tech system for all oil and gas, energy, commodity businesses to process, audit and track all payments and fees.
Uses cases of Enhelix blockchain solutions
Although still a relatively new technology, blockchain system has so many benefits which largely outweigh the downsides. Some of the top use cases of this technology in the oil and gas industry using EnHelix blockchain solutions include
- Digitalization of crude oil transactions: Blockchain digitalizes transactions to improve transparency and enhance security.
- Improved trust: Private Blockchain networks can store and keep a good track record for contractors and workers data. Besides the trust, the blockchain network reduces the hiring costs to ensure employee performance is maintained.
- Improved data record management: Blockchain offers immutable land ownership for oil and gas firms. Some of them represent millions of investments, and thus, they must be kept safely. The conventional methods of keeping such records are not only tiresome but also prone to many illicit behaviors such as forgery.
- Better internet of things data storage: IoT is an interconnected system of mechanical machines or computing devices. Although lots of industries depend on it, the oil and gas industry make use of it more often. IoT reduces cases of cyber-attacks and ensures smooth storage of data in the industry.
- Smart contracts: The traditional contractual transaction methods are time-consuming and can limit the growth of the business. With a smart contract, all agreements are automatically signed, validated, and enforced. It does not only get rid of intermediaries but also saves the firm money and time.
Finally, The benefits of blockchain technology in the oil and gas sector cannot be underestimated. If you have not yet adopted it in your oil and gas firm, this is the right time to explore EnHelix oil and gas, energy and commodity blockchain. You will experience secure smart contracts, logistics, payments, and other benefits in your business. Enhelix blockchain system which comprises of EnHelix Marketplace Blockchain system, EnHelix Logistics Blockchain system, and EnHelix Settlement Blockchain are all created to streamline processes and ensure transparency of the blockchain network while getting rid of fraudulent middlemen and intermediaries.