Exxon Mobil Joins Other Petroleum Giants in Testing Blockchain Pilot
A consortium of 10 multinational oil and gas companies known as the Offshore Operators Committee (OOC) Oil and Gas Blockchain Consortium has reportedly tested a blockchain pilot to explore the possibilities of leveraging distributed ledger technology (DLT) to automate production and cut down operational costs. According to Reuters, the OOC Oil and Gas Blockchain Consortium has tested out a DLT-based solution developed by information technology supplier Data Gumbo Corp.
Commenting on the results of the test, Chairman of the OOC Blockchain Consortium Rebecca Hofmann revealed plans to proceed with adopting blockchain technology within the companies in the group. As previously reported by BTCManager, Canadian-based blockchain firm GuildOne was contracted by the OOC Oil and Gas Blockchain Consortium to develop a proof-of-concept for authorization for expenditure (AFE).