Chevron, ExxonMobil Headline a 7 Company Initiative to Create an Oil & Gas Blockchain Consortium


Chevron, ExxonMobil And Five Other Companies Form a New Gas And Oil Blockchain Consortium

ExxonMobil, Chevron and five other companies from the oil and gas industry have recently decided to form a consortium in order to create a blockchain together, as affirmed via a press release.

This new initiative will be called Oil & Gas Blockchain Consortium and it will conduct proof of concept trials in order to create a blockchain that will explore how this technology can contribute to the gas and oil industry around the world. Being the first initiative on this kind in the United States, the companies hope to disrupt the market with this partnership.

Chevron and ExxonMobil are two of the largest 10 oil and gas companies in the world and their revenue in 2017 was $237 and $124 billion USD, respectively. Other important members include companies like ConocoPhillips, Pioneer Natural Resources, Spanish Repsol, Norwegian Equinor and Hess.

The conglomerate will reside under the Offshore Operators Committee (OOC). The chairman of its board of directors, Rebecca Hofmann, has affirmed that the creation of this consortium can be very important for establishing an industry more oriented by the standards of the blockchain technology.

She has also affirmed that this will make it possible a range of brand new frameworks and capabilities for this important industry.

Other Companies Are Also Creating Their Blockchains For Oil And Gas

As it is being almost standard, this conglomerate is far from the first one to use the blockchain for this specific application. Vakt, a post-trade platform for oil sales, for instance, has also created its blockchain last year and companies like Chevron and Equinor are its clients.

This kind of technology is only getting started as one of the most important types of techs that we will see in the future, so you can bet that the blockchain will get a lot more popular in the coming years.

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