A new blockchain consortium has been formed in the United States by a group of oil and gas companies.
Dubbed the OOC Oil & Gas Blockchain Consortium, the group resides under the Offshore Operators Committee (OOC) and intends to conduct proofs of concept with blockchain technology in 2019. The group’s founding members include Chevron, ConocoPhillips, Equinor, ExxonMobil, Hess, Pioneer Natural Resources and Repsol.
“Creating the OOC Oil & Gas Blockchain Consortium is a significant step toward establishing key blockchain standards, frameworks and capabilities for the oil and gas industry,” said Rebecca Hofmann, chairman of the board of directors. “Blockchain technology is a catalyst for reimagining the way we do business and this consortium represents a collaborative effort to explore the technology’s potential and leverage learnings to drive industry adoption.”
The group will work together to learn, lead and leverage blockchain technology for the oil and gas industry by evaluating the technology, completing proofs of concept, and conducting pilots. They will also explore the benefits and industry application of blockchain, including faster transacting, reduced disputes, improved safety and lower costs, and facilitate blockchain adoption through industry standardization of data, processes, security and compliance.
“The consortium is eager to begin building a foundational network of business partners to collaboratively advance use cases within exploration, finance, IT, land, operations and supply chain, while also leveraging learnings amongst our members,” said JD Franke, vice-chairman of the board of directors.
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