Blockchain Consortium

7 Global Oil and Gas Firms Collaborates to Form a Blockchain Consortium

Seven global oil and gas companies have collaborated to form a blockchain consortium for oil and gas. Dubbed as the Oil & Gas Blockchain Consortium, the platform is aimed at conducting Proof of Concept (PoC) for the purpose of exploring the benefits of the technology while promoting its global adoption.

As indicated by a press release on February 28th, the Oil & Gas Blockchain Consortium resides under the OOC (Offshore Operators Committee) and represents the first initiative of its kind in the Oil and Gas industry within the United States.

The founding members of the firm include the industry giants – ExxonMobil and Chevron. Both the corporations are ranked among the top 10 largest oil and gas companies in the world, as per 2017’s revenues $237 billion and $134 billion respectively.

Also, the boards include industry stalwarts like US-based ConocoPhillips, Pioneer Natural Resources, Spanish Repsol, Hess and Norwegian.

Rebecca Hofmann, the chairman of the Offshore Operators Committee board of directors, stated –

“Creating the consortium marks as an important step towards establishing a basis for blockchain-oriented standards and exploring the frameworks and capabilities for the oil and gas industry.”

Launched in November 2018, a blockchain-enabled post-trade platform for oil, Vakt, aims to improve commodity trading and reduce paperwork. Vakt has successfully managed to garner much attention in this matter. Earlier in February, a former JPMorgan Chase executive, Etienne Amic, got appointed as Vakt’s new CEO. He’s anticipated to bring his long-haul experience in commodities trading to the platform.