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2019: OPEC: the blockchain and Big Data will give an impetus to development of the oil industry
The blockchain and technologies of work with Big Data will give a strong impetus to development of the oil industry, are considered in the Organization of Petroleum Exporting Countries (OPEC). This forecast published on November 5, 2019 TASS.
Oil refineries generate a set of information streams: data on process parameters and technical characteristics of a product (for example, pressure, temperature and technical characteristics of a product at different stages of processing) and also reports on energy consumption and activity of personnel.
The OPEC says that digital technologies provide optimization of work with Big Data. For example, marking of transactions based on a blockchain allows to arrange information streams and to provide their reliability without the need for involvement of the third parties. At the same time the analysis of Big Data using analytical algorithms offers wide prospects for identification of the hidden trends and allows to gain a detailed impression about a current status of processes, the study says.
Also follows from the report that earlier experiments using a blockchain in trade in liquefied natural gas were made. Thanks to such projects it was succeeded to lower delivery time of gas for several weeks. It is predicted that the blockchain will be widely adopted more, thanks to the capability to reduce costs and to increase efficiency of transactions.
According to forecasts of Data Gumbo company, use of a blockchain by the companies of an oil sector can help them to cut down the expenses approximately for a third.
Earlier in 2019 Sinochem Energy Technology, "subsidiary" of the Chinese state giant Sinochem Group, together with Shell and Macquarie announced start of a blockchain platform for transactions with oil. A project objective — increase in transparency and efficiency of calculations.[1]
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