Oil and Gas Will be Traded With the Help of Blockchain Technology

October 5, 2017

Oil and Gas Will be Traded With the Help of Blockchain Technology

One of the world's largest oil company, British Petroleum (BP), will use blockchain technology to optimize business processes.

According to the head of the technical department of BP, David Eaton, using of blockchain may give company a competitive advantage. It is expected that the technology will help speed up the operations.

BP interest demonstrates, that multinational organizations see the possibility of blockchain to optimize financial processes and to cut down office expenses due to intermediary elimination and sending invoices. Furthermore, David Eaton has mentioned that oil and gas trade is one of many potential applications for blockchain technology in British Petroleum.

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