Blockchain is an encrypted digital database of business transactions, protected by cryptographic methods and designed to record any quality transaction. The information stored in a blockchain is basically in ‘blocks’ on a ‘chain’ but not in a physical sense.
The essential quality in a blockchain network is that it is decentralised, implying that it is not operated by a single body, but a computer network (nodes) constitutes a blockchain network.
Blockchain technology has the ability to have a major influence on the oil and gas sector by minimising running time and costs, while also enhance transparency.
Different fossil fuels industries, including two major American companies ExxonMobil and Chevron, agreed to form the first blockchain conglomerate to examine the potential benefits that blockchain technology can bring to the industry.