Blockchain Shows Commercial Prospects in US

Blockchain Shows Commercial Prospects in US Oil and Gas Industry

At the Cambridge Energy Week Conference in Houston in 2019, technologies such as blockchain and artificial intelligence have become hot technologies for continuing to promote the digitization of the oil and gas industry. The application of blockchain in oilfield services, commodity trading and carbon emissions Caused the attention of the industry.

The blockchain can effectively avoid the problem of mistrust between upstream and downstream enterprises through smart contracts. In addition to the minimum performance requirements, both upstream and downstream parties can agree on incentive clauses. Smart contracts are automatically executed based on actual workloads. Downstream companies are not only under pressure but also have better incentives to do better.