The energy industry operates in a complex environment across multiple geographies in highly intricate business models across subsidiaries, joint venture and supplier/subcontractor relationships. These factors make the energy industry ripe to benefit from blockchain advantages such as digitalizing and simplifying transactions, enhancing security and fraud prevention, and cost reduction and accelerated efficiency.
On November 30, 2017, JWN in partnership with IBM hosted a roundtable that brought together decision makers to discuss challenges and solutions in developing a framework for collaboration and implementation of blockchain technology in the energy industry.
The dialogue focused on:
- Identify process inefficiencies in current supply chain/business model transactions
- Generate ideas on ways to drive alignment across oil and gas ecosystems
- Define roadmaps for blockchain implementation that will drive efficiencies and improve returns.
Read the summary report to learn more about the potential benefits of blockchain application in the Canadian energy industry.