Blockchain technology reaches into all spheres and industries. Some are less prone to disruption while some a bit more. So how is one of the biggest industries of oil and gas standing in that ring? Ready for disruption? Absolutely.
According to research from IBISWorld, a globally recognized company in the field of business intelligence, the total revenue for the O&G industry was close to 2 trillion USD in 2017. This is only the number for the Upstream sector which is dealing with research, development, and operation of oil and gas fields.
The Upstream sector contributes to roughly 2-3% of global GDP. In this article, we will try to explain what impact Blockchain technology in the Oil and Gas industry could have.