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The Sixth Annual Blockchain in Oil and Gas Conference, Houston, Texas at the Hilton Americas was a big event in a big state!
Many companies – including all the big players – were represented here. Finboot’s client Repsol was one of large oil and gas companies which had representatives here:
It has been great to be at the Sixth Annual Blockchain in Oil and Gas Conference, Houston, Texas the past two days (Sep 14 - 15).
A key focus of this year’s conference was how blockchain technology can enable carbon tracking and mitigation – which is a huge driver for oil and gas companies today. This driver comes from consumer, political and regulatory pressure and the desire of the industry to do the right thing to help fight climate change.
Blockchain technology is helping to supercharge the oil and gas industry’s digital transformation. Blockchain helps maximise company efficiencies and puts downward pressure on costs and a time of rising costs elsewhere in the supply chain.
Me (Paris) and others Finboot colleagues (Juan, CEO and Noslen, Business Development Manager) had good conversations with a range of attendees about the benefits and advantages that blockchain brings.
From some of these conversations and from what I saw these 2 days in the event,it becomes clear that the oil and gas sector is under huge pressure to be greener and reduce its prices in the face of global inflation. Blockchain is a large part of the solution but we still found some barriers for adoption of blockchain to address some of the challenges of the oil and gas industry, such as streamline their operations, reduce costs, and enhance development opportunities through sustainable practices.
I will summarise the main barriers for adoption into 3 main challenges:
1- ¨Education¨ which has to do with the fact that many recent problems in the ¨crypto¨ world gave a bad reputation to the technology, but it really has nothing to do with the technology solution itself, but how some people use it.
2- ¨Legacy systems¨, there is a natural resistance into substituting the old known ERPs and supply chain systems technologies out there to this new concept of distributed data.
3 - ¨Willingness¨, and last but not least the point would be, who are the early adopters and how different players and stakeholders get into the same ecosystem to share and work together.
But we can see the industry and companies evolving and leading into this new digital era.
From what I saw in the Lone Star State the industry is willing to embrace this technology. This gives me hope for a cleaner, greener, more efficient and lower priced, energy future.
If you want to know more about how blockchain can help the energy industry overcome the fundamental challenges of Energy transition, Decarbonization and Net-zero Emissions, please contact us.
I leave you readers with some great pics from this event!
Paris Dufrayer
16 September 2022
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