Not Just Finance: Oil & Gas Industry Looks to Blockchain to Drive Value - Crowdfund Insider

The OOC Oil & Gas Blockchain Consortium is described as an oil and gas industry consortium that was founded to advance blockchain technology. According to the Consortium, the test involved an operator “electronically submitted AFEs under multiple scenarios to nine non-operating partners using blockchain nodes, which then automatically calculated working interest percentages based on the elections made by each partner.

Rebecca Hofmann, chairman of the OOC Oil & Gas Blockchain Consortium, called the test a success claiming it demonstrated “the power of this technology and its ability to transform fundamental oil and gas business activities.” Supporters of the Consortium believe blockchain can create value in many different sectors of the business, including trading, and supply chain management.

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