What is blockchain development for oil and gas?
Blockchain is a decentralized digital ledger, which means the ledger exists on multiple computers at the same time. It is a chain of blocks that keeps data records with a unique hash value. It protects records from fraud, tampering, and hacker attacks. Developing applications for the oil and gas industry using blockchain technology is called blockchain development for oil and gas.
How does blockchain influence the oil and gas industry?
Blockchain increases transparency, helps reach environmental sustainability, and does not compromise privacy. In addition to this, blockchain technology allows oil and gas companies to reduce costs related to labor, data management and visibility, the maintenance of diverse trading systems, settlement delays, inter-system communication, etc.
Where to apply blockchain in oil and gas?
Blockchain technology may be helpful in such aspects as cybersecurity, trading, management, and decision-making as blockchain provides access to real-time data, makes data exchange more efficient, protects records from attacks, automates payments, and beyond.
How much does it cost to develop a blockchain solution for oil and gas?
There is no standard method of calculation for estimating the price of blockchain development for the oil and gas industry. The final price is calculated individually as it depends on multiple factors. They are the solution’s type and complexity, the feature set, the number of stakeholders interacting with the application or platform, the hourly rates of blockchain developers, and many more.
What languages do you use when developing blockchain solutions for oil and gas?