Oil & Gas

The oil and gas sector is actively digitally transforming its day-to-day operations to make cost savings. Research shows that average production efficiency dropped in the past decade. Our SICCAR distributed ledger technology platform is an enabler for new efficiency opportunities that were previously out of reach for the sector. We are digitally enabling a level of secure transparency in supply chains.

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NEEDS

The UK oil and gas supply chain services the global market, with exports for services and products accounting for over 45% of the UK’s sector. Customs and legislation vary in different regions, requiring data to be captured in different ways, which can create inefficiencies. 

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SOLUTION

We are developing a solution to transparently and securely track assets in a multi-party supply chain environment. SICCAR, our distributed ledger technology platform, enables organisations to collaborate on sensitive data and support multiple parties to work together with consensus, confidentiality, resiliency and scalability. All transactions about the asset are sequentially ordered, visible and immutable, creating a permanent record – a single source of truth - for accountability. The data recorded is digital, and so eliminates the need for paper.

IMPACT

Reducing paperwork - and the delays operating which it creates - can be achieved by developing digitally native processes in the oil and gas sector via SICCAR. The consortium’s project with SICCAR is predicted to reduce costs by 3+%: in a multi $tn industry, that 3+% is $bns saved. There are also potential benefits for health, safety, security and environment (HSSE) performance.

 

Interested in finding out if your digital process, service or app should be built on blockchain? Schedule some time with Hannah to find out.

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