The oil and gas sector continues to be a global powerhouse, considered by many as being the biggest sector in the world in terms of dollar value. Based on the latest reports, it’s continued to be generating hundreds of billions of dollars globally, on an yearly basis.
Now, someone could be wondering what such old global major industries in the energy market could have as a connection point with Blockchain? To answer that, it’s required to first understand that currently, the processes and systems involved in producing and distributing oil and gas are highly complex, capital-intensive, and require expensive state-of-the-art technology.
Only now, one can start to imagine the truly revolutionary impact and the solution-solving complexity brought to the table by ESOSC. As considered by many, ESOSC is the futuristic blockchain marketplace of the oil and gas industry, often referred to as “the future of oil and gas supply chain”.
ESOSC invites us to the future in which time will be saved and used efficiently, cost-efficiency is a primary rule, transaction speeds are unprecedented. In a nutshell, ESOSC is encouraging society to imagine an efficient autonomous system.
Such a system will reduce a whole lot of complexity from the current sophisticated supply chain model in the oil and gas industry. ESOSC has already begun laying the path for such a revolutionary platform, which will allow companies across industries to improve cost, reduce waste, increase optimization, and control data transparency.
ESOSC – It’s Time to Take the Oil and Gas Industry on the Blockchain
ESOSC seeks to integrate blockchain functionality into the oil and gas industry. The protocol combines support for multiple blockchain strategies, IoT integration, and more to improve on the current status quo. Specifically, firms can create and manage custom-made blockchains to control data management, materials monitoring, optimizing purchasing, and more. In this way, ESOSC provides a data-driven approach to managing the energy supply chain on a true end-to-end basis.
ESOSC combines multiple systems to provide the oil and gas industry with a viable alternative to the outdated paper-based system in place today. Merchants can track their products from production to delivery using ESOSCs supply chain solutions. Notably, there are several potential blockchain applications for all phases of the oil and gas supply chain. OSOSC offers services for:
The Upstream sector of the oil industry includes exploratory drills and contracting companies that supply oilfield and oil-rig employees. These firms can benefit greatly from the integration of a reliable data management system and a secure data transmission mechanism. Specifically, ESOSC could automate critical processes such as releasing payment upon delivery.
The Midstream sector of the industry is comprised of resource transportation. This sector includes trucks, tankers, pipelines, and barges. Sadly, today’s system is composed of a variety of independent networks that are unable to share information in an open manner. ESOSC seeks to provide an easy and transparent way of dealing with parent companies and authorities. This system would also increase accountability.
The Downstream sector is the final process including the refining of the oil and gas products. This sector could integrate smart contracts to eliminate added costs. The increased data flow rate will help these firms to pinpoint weaknesses in their current operations and improve upon them.
There are a lot of benefits that ESOSC users enjoy. For one, the network provides full transparency to the market via the blockchain. Additionally, firms can create sub-blockchains that can support private applications for specific purposes. Best of all, ESOSC eliminates the need to keep paper records. Paper-based trades in the international commodity and finance sectors have high costs and are subject to errors, delays, manipulations, and risks.
As part of ESOSCs autonomous strategy, the network supports the use of the IoT (Internet of Things). This IoT comprises all the smart devices in the world. Manufacturers and shippers can get real-time data on their products when combining IoT sensors with blockchain technology.
What Problems Does ESOSC Attempt to Fix?
ESOSC tackles supply chain inefficiencies in the market head-on. The platform incorporates an autonomous system that enables firms to record, process, and validate digital records in real-time. This technical structure eliminates the middleman from the equation. Instead, advanced smart contracts align both internal and external market processes in a seamless manner.
The expansion of the oil and gas industry into new markets has also brought new supply chain issues to light. Supply chains supporting the conventional energy market in developing countries face infrastructure issues. The integration of a blockchain solution eliminates many of these concerns.
The profits in the oil and gas industry have been steadily shrinking over the years. There are many reasons for this decline in profits. Specifically, competition, declining prices, regulatory compliance, and environmental regulatory requirements have increased overhead for the industry. ESOSC provides a strategy to recapture lost revenue by reducing inefficiencies in the supply chain.
ESOSC – Empowering a Better Supply Chain
The developers behind the ESOSC concept understand that the oil and gas supply chain management systems are costing consumers billions in lost revenue yearly. They propose a more secure and transparent alternative to today’s market practices. If successful, these savings could translate into lower costs for consumers. In the end, all parties win.
For more information on ESOSC, visit the following links: