A group of oil and gas companies have partnered to establish the first industry blockchain consortium in the United States.
“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.”
Blockchain technology uses distributed ledgers to allow digital assets to be transacted in a real-time, immutable manner. The scope and objectives of the consortium are to:
• Learn, lead and leverage emerging blockchain technology for the oil and gas industry by evaluating the technology, completing proofs of concept, and conducting pilots;
• Explore the benefits and industry application of blockchain including faster transacting, reduced disputes, improved safety and lower costs;
• Facilitate blockchain adoption through industry standardization of data, processes, security and compliance;
• Drive standard setting through industry alignment on key blockchain components, including governance structures, smart contract parameters, consensus protocols and cryptology requirements.
A board of directors will oversee consortium funding, ensure operating procedures are maintained and provide project approval. The board is comprised of representatives from the seven founding member companies: Chevron, ConocoPhillips, Equinor, ExxonMobil, Hess, Pioneer Natural Resources and Repsol.
“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 J.D. Franke, vice-chairman of the board of directors.
For more information, go to www.oocblockchain.com.