Altcoin News: Seven Oil Companies Merged to Create Blockchain Consortium

March 2, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Seven global oil companies, including the American giants ExxonMobil and Chevron, have teamed up to create a blockchain consortium.

The new organization, called the Oil & Gas Blockchain Consortium, will operate under the auspices of the Sea Drilling Contractors Committee (OOC). The consortium plans to explore the blockchain’s potential in the oil and gas industry, as well as to promote technology throughout the world.

In addition to ExxonMobil and Chevron, which are among the ten largest oil companies in the world, the consortium included American companies ConocoPhillips, Pioneer Natural Resources and Hess, as well as the Norwegian company Equinor and the Spanish energy company Repsol.

Interestingly, in the US oil and gas industry, the new consortium has become the first of its kind. As OOC Chairman Rebecca Hofmann noted, creating such a consortium will help set new standards in the industry for the blockchain and new technologies.

Note that Repsol already uses blockchain in its system. The technology helps the energy company save up to €400,000 ( about $455,000) per year by reducing errors.

Author: Marko Vidrih