Modern problems of O & G industry and ENDO Protocol as the solution
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Fighting the corruption, protecting the environment, managing supply chains are just a few areas of the Oil and Gas industry that can benefit from implementing the Blockchain. Let’s get into the details on what exactly can be done.
The oil and gas industry is divided into three large segments:
Upstream, in-field transportation and processing of primary hydrocarbons;
Midstream, long-distance transportation via pipelines to the offshore oil collection terminals and transportation of liquefied gas;
Downstream, deep processing and sale of petroleum products.
The third stage is the most complex and voluminous, the success or failure of this segment affects not only the cost of production, but even geopolitics. While each optimization leads to a significant increase in revenues for manufacturers and savings for buyers.
The complexity of the oil refining stage is often due to the fragmentation of distribution networks, the narrow specialization of production, logistics and all the marketing processes. They include a large number of players, dozens of various products, specific requirements for transport and special regulation. The main problems occur when the manufacturers' data do not coincide with the data of other parties. The oil products supply chain requires full transparency. To achieve it, it is necessary to properly collect, record and store data.
Today the data is distributed irregularly between the parties, because usually it is organized manually. At the same time, the creation of a single centralized platform for this area is fraught with certain difficulties and dangers. For example, a single base is poorly adapted to support the structure, where the head company sees all the information, while the service providers see only data, related to their competence. Not to mention the fact that a centralized database is fairly easy to crack.
In Blockchain data managing can be modified. The smart contracts can provide general access to data for different parties, and the different access can be applied for certain individuals or groups. But most importantly, a decentralized system will enable everyone, from manufacturers to distributors, to automate many processes and save time.
Wonna learn how ENDO Protocol can solve these problems? Join us in our Blog and see the rest!🚀
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