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.