RigData Insights

Oil sector keeps open mind on blockchain

  • Tuesday, January 16, 2018
  • Posted By Unknown


 Source: Barrel Blog | Siobhan Hall, Jack Jordan, Henry Edwardes-Evans | January 10, 2018 

Blockchain, the distributed ledger technology which was possibly the hottest tech topic in the energy sector in 2017, has still to prove itself as more than hype in the oil sector.


While electricity companies and grid operators see huge potential in digitalization in general and blockchain in particular to make power stations and grids more efficient, for example, the oil sector is keeping an open mind.


“We are not abandoning technology efficiencies we’re developing on current platforms,” BP’s head of strategy for IST, Mike Leonard, told the S&P Global Platts Digital Commodities Summit in London in November.


“We’re seeing this as complementary…We don’t have all our eggs in blockchain, but nor do we want to avoid the topic or not take part in it,” he said. “But the more we [talk about blockchain within the company, the more] we’re finding new opportunities to explore different areas of our current technology, which is also exciting, so we may find this emerges for BP specifically in different ways than we expect.”


To continue reading article, please visit the Barrel Blog here. 





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