Energy looks to blockchain for efficiency gains
Distributed ledger technology is key to the next stage in energy management
Energy market participants have long been considered behind the curve in terms of picking up technological advances compared to other industries. Even now, physical oil transactions are settled between fax machines and deliveries of large shipments that have traversed the globe are accompanied by long paper documents. And much has been made of the exploration and production projects that were curtailed in large part thanks to the collapse of the oil price over the past few years; but the tightening of budgets at most energy firms also stretched to research and development initiatives within IT systems. Now, interest has heated up for distributed ledger technology (DLT), with energy companies
Also in this section
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields
23 April 2024
Cheaper Russian barrels and lower overall crude prices have helped cut key oil consumer’s import bills in election year
22 April 2024
Pursuing three different goals as part of the same package may mean achieving none of them