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March 2, 2019
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The group of world-known oil corporations, among which Chevron, ConocoPhillips, Equinor, ExxonMobil, Hess, Pioneer Natural Resources and Repsol have partnered to create the very first industry oil-focused blockchain consortium in the United States.

According to the announcement, the main goals of the consortium are to:

  • Learn, lead and leverage emerging blockchain technology for the oil and gas industry;
  • Explore the benefits and industry application of blockchain;
  • Facilitate blockchain adoption through industry standardization of data;
  • Drive standard setting through industry alignment on key blockchain components.

The Chairman of the Board of Directors, Rebecca Hofmann, says creating the OOC Oil & Gas Blockchain Consortium is "a significant step toward establishing key blockchain standards."

"Blockchain technology is a catalyst for reimagining the way we do business and this consortium represents a collaborative effort to explore the technology’s potential and leverage learnings to drive industry adoption," she added.

Earlier, Chevron and a group of other oil corporations joined a digital platform for crude oil trading based on the blockchain technology.

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