Oil and Gas
Leveraging blockchain & smart contract technology, businesses will be able to enhance supply chain efficiency, secure real-time data, and create a chain of order requests connecting engineers, analysts, and laboratories.Learn More
The industry is no stranger to technological innovation on the operations side, with advances in getting oil out of the ground through hydraulic fracturing, 3-D seismic and other extraction processes. However, on the back-office side, the industry generally hasn’t seen the same advancement in digital technology to the supply chain, procurement, or finance parts of the business.
INEFFICIENT DATA MANAGEMENT
Paper records and manual data entry are ineffective and vulnerable to inaccuracies.
SUPPLY CHAIN & LOGISTICS
Drilling exploration and production and transporting data are complex and difficult to record and often untraceable making it hard to verify.
PAYMENTS AND REMITTANCE
Companies rely on third parties to reconcile invoices and conduct audits leaving them vulnerable to corrupt payments and delays in settlement times.
Paper breaks down over time and can be easily lost or misplaced over the years.