Blockchain for oil and gas

Companies are using IBM expertise to create trust and security in a digitized workflow while improving the efficiency of their global supply chains

oil and rig drilling platform in the gulf

Overview

Transform oil and gas supply chains with blockchain

Supply chain relationships in the oil and gas industry are truly global in reach and complexity. Each participant in a supply chain must maintain their own records, updating their transactions and systems, which must then be reconciled with other participants in the network. Doing this with speed, complete transaction visibility, and reduced overhead is made possible by blockchain.

Seeing your specific challenges, we’ve assembled a white paper on how blockchain can help transform supply chain networks in the oil, gas, and chemicals industries — and how blockchain can enable immutable, transparent, and auditable business transactions among participants and suppliers, distributors, and partners.


Benefits

Reduce cash cycle time Because all transactions are shared and transparent, the cash cycle can be greatly accelerated. Near real-time and automated measurements can mean faster cash collection. Increase transaction visibility A ledger that is shared across network partners and indelible means that tampering, fraud, and cyber-crime are much more difficult. Blockchain helps build trust. Reduce overhead and number of cost intermediates The time-consuming, manual reconciliation process is susceptible to errors or manipulation. Eliminating that inefficiency cuts costs that would drain the bottom line.

Solutions

Blockchain fuels innovation in the oil and gas supply chain

To help prevent supply chain disruptions in the transportation of bulk oil and gas, Vertrax has launched the first multi-cloud blockchain solution built on IBM Blockchain Platform and deployed on AWS. The solution delivers flexibility, collaboration and speed-to-market.


Industries

Blockchain for industries

Industry leaders are using IBM Blockchain to remove friction, build trust and unlock new value. Select your segment to see how.

 

 

 


Next steps

Learn how to get started

No matter where you are on your blockchain journey, IBM can help you take the right next step. Learn how you can get started with IBM Blockchain.

Blockchain consulting and services

Leverage industry leading expertise and find a shorter path to innovation.  Benefit from joining established networks or build and scale your own along side experts.

Connect with an expert

Contact a representative and get help with questions on how to start you blockchain journey.

Blockchain use cases

Be inspired by how innovators are transforming their businesses through use cases built on the IBM Blockchain Platform.