Discover the Disruptive Potential of BLOCKCHAIN for Oil and Gas at Global Petroleum Show
There’s a new technological kid on the block, literally. But what does it mean for the energy industry? Keep reading for a preview of some of the invaluable information that will be discussed at this year’s Global Petroleum Show.
What is blockchain?
Blockchain is a digital decentralized ledger which is the foundation for digital coins, such as Bitcoin. In cryptocurrency terms, new transactions are recorded in “blocks,” which, when confirmed, are added to an existing “chain” of previous payments.
Effectively, blockchain technology can be used as an alternative form of banking, as it provides a means to freely distribute the data of your digital transactions online. Moving this process away from currency for a moment, the technology can similarly be used to collate large amounts of information and data in the form of databases, or in this case, digital contracts.
The energy industry is recognizing the disruptive potential that blockchain holds. With the help of James Graham, CEO of leading software company GuildOne Inc., here are the top three reasons why you’ll want to learn more about blockchain for the oil and gas industry:
One: Blockchain can dramatically reduce the potential size and length of oil and gas disputes.
This is done by creating a digital “smart contract” that is reciprocally agreed upon by all parties, then positioning this checklist of agreed facts (whether measurements, geographical borders, royalty costs etc.) before the transaction itself. As Graham states, “You can think about it as all the counter-parties throwing their conditions into the middle and the smart contract executes everybody’s checklist before the transactions happen.”
Two: Blockchain can help to eliminate errors through creating consensus.
Graham suggests one of the key benefits of blockchain for the energy industry is that it allows companies to transact trust, or value, with strangers, in a totally managed and consensual way. The digital contract that is initially agreed to become a collaborative document that allows for proposed alterations through a peer-to-peer structure, yet requires all parties to be in agreement before a change can be enacted. Similar processes are used regularly in the financial sector to ensure that all groups remain on the same page throughout the contractual process.
Three: Blockchain could oversee a reduction in both the time and money that is currently demanded by existing energy processes.
This is achieved by creating a shared data and computing infrastructure that can benefit both consumers of energy, by enabling them to trade directly with energy producers, as well as large energy corporations themselves, by sharing workloads and costs. Graham points toward a visible “net gain” that would emerge over time, “because you’re moving people in the same data infrastructure and those infrastructural costs are borne by multiple parties.”
Learn more or be left behind
It’s clear that blockchain is primed to redefine the way we think about the oil and gas industry and how business is transacted—and we’ve only just scraped the surface of its potential. To learn more about blockchain and other digital solutions shaping the future of the industry, be sure to register for the Global Petroleum Show before June 1, 2018, to take advantage of the early-bird conference rate and free exhibition pass.
Energy’s global meeting place
Global Petroleum Show (GPS) is North America’s Leading Exhibition & Conference, where oil and gas professionals convene to engage in dialogue, create partnerships, do business and identify the solutions and strategies that will shape the industry for the years ahead.
GPS has grown exponentially to become the global meeting point for oil and gas professionals. Today, over $6 billion of business is concluded during the exhibition, placing GPS at the very heart of international business of the global energy sector. Over 50,000 trade professionals attend GPS, while 100+ industry-leading experts share their knowledge and understanding across the event’s expansive line-up of strategic and technical conference sessions.
As a premium exhibition and conference platform, GPS hosts hundreds of speakers, thousands of exhibiting companies and thousands of industry professionals from around the world. Each year, GPS provides one of the most important platforms to do business and exchange information, attracting energy ministers, global CEO’s and leading decision makers across three days of business discussions and technical knowledge exchange.
GPS Awards Gala
If you haven’t already, make sure to buy your ticket for the Awards Gala, which will be held on June 12, 2018. The Global Petroleum Show Awards recognize the leading companies, individuals, initiatives, projects and technologies that have displayed exceptional levels of excellence on an international scale. The winners will be recognized amongst hundreds of energy leaders on the evening of the opening day.
Through eight award categories, companies are given the opportunity to be recognized and awarded for their accomplishments within the areas of research, technological innovation, digital transformation, performance efficiencies, social contributions, personal achievement and business progression.
Since the launch of the Global Petroleum Show Awards in 2014, the program has shined a spotlight on technological advancements and environmental initiatives in the energy industry on a global stage at the annual conference and exhibition.
Through one of the most impactful oil price downturns in history, the program continued to celebrate the successes of the companies creating positive change alongside the revolution. A shortlist of nominees is available on the show’s website.
Join us in congratulating them!