The use of blockchain technology by oil and gas companies is in full swing, but in parallel, some countries began to talk about trading oil and gas for cryptocurrency.
Despite the fact that the financial industry remains the leader in the use of blockchain, in the last couple of years many other industries, including the oil and gas industry, have been increasingly looking at this promising technology. Both the authorities and the business itself speak about the usefulness of the blockchain for this segment.
So, earlier this month, OPEC presented a forecast in which it predicts the key role of digital technology in the development of the oil and gas industry. The organization expects that solutions and developments based on big data and blockchain will be especially widespread in the industry in the coming years.
Meanwhile, in the United States, the Office of Science and Technology has allocated more than $ 180,000 to the Canadian blockchain company Mavennet Systems, which will develop a special blockchain platform to track oil and gas deliveries in real time. In the future, other industry participants interested in streamlining work processes and cutting costs, will also switch to similar developments. By the way, according to a study by Data Gumbo, the use of blockchain can reduce the costs of oil enterprises by a third.
In the Russian oil market, this trend is set by Gazprom Neft, which last year tested the use of distributed registry technology for the delivery of production equipment. This fall, the company announced that it plans to further automate transactions with suppliers based on the blockchain. Gazprom Neft may make its first delivery on the new platform next summer.
Recently, in the oil and gas industry, including amid the hype around the blockchain, there has been increased talk about the use of cryptocurrencies for trading in raw materials, which is especially important against the backdrop of growing financial and trade restrictions.
In this context, at the Eurasian Economic Forum in Verona, the head of Rosneft Igor Sechin emphasized the risks associated with the instability of national currencies and the unpredictable consequences of trade wars, referring to the abuse by the States of their position in the global economy.
In other words, the current tense situation in the world, which is really largely a result of the protectionist policies of the US administration, the idea of settlements in cryptocurrencies becomes even more relevant.
Specifically in Russia, this also fits into the government’s digital economy agenda. Moreover, oil trading for cryptocurrencies may serve as another stage on Russia’s path to de-dollarization. However, in Russia country, where digital tokens still do not have a clear regulatory status, this idea should not be expected to be implemented in the next 2-3 years.