Blockchain group says pilot test shows promise for oil and gas operators GlobeBusiness
This translation has been automatically generated and has not been verified for accuracy.An oil and gas consortium testing blockchain distributed ledger software said results of its pilot were promising, paving way for the group’s members to start using the technology at production sites.
The pilot test focused on five Equinor wells in North Dakota’s Bakken shale field and was done in a partnership with water disposal company Nuverra Environmental Solutions.Blockchain, which underpins bitcoin and other digital currencies, is a distributed ledger that can make and verify transactions on a network in real time, offering the potential to speed transactions, cut costs and lower the risk of fraud.
Although the test focused exclusively on water hauling, the OCC Consortium plans to expand its use to other commodities and services, it said.
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