The oil industry has been making strides in recent years. Long known to be a leader in the adoption of a host of technologies, and making far-reaching advancements such as pushing breakeven costs to record lows, the oil industry has been ignorant of one of the key developments of the century – Blockchain technology.
Blockchain Safeguards Information Security, despite Kinks
Blockchain technology essentially refers to a decentralized database. As it involves distribution of information throughout a network, and not on a single computer or data storage platform, the information is less susceptible to malicious attacks. Using blockchain, each transaction is stored on blocks wherein each block contains a timestamp and link to the former block. The information on a block remains intact and cannot be tampered unless information on succeeding blocks in the chain is tampered as well. The blockchain provides full history of each transaction within a chain that can be seen by everyone.
Because of where the technology stands today, some of its proponents compare it to the internet of the 1990s. While there are kinks that need to be looked at, blockchain technology is sure to influence every industry in some form or another in the years ahead. Hitherto, there have been implications of distributed ledgers, but the early adopters of blockchain will stay ahead in the curve.
Blockchain technology may be the formidable solution for the issues that the banking sector is grappling with today. Many financial institutions are vying to reduce errors, provide greater transparency, speed up transactions, which customers are demanding.