On January 30 and 31, 2018 the TerraHub team joined Energy Conference Network to deliver a multi-day Executive Blockchain Workshop for North American Oil and Gas professionals. The event was very well attended by international super majors and industry associations. Participants had the opportunity to learn about blockchain, but more importantly discuss and collaborate with their peers on the applicability of this new technology for Oil and Gas.
Why blockchain? Why is everyone saying that Blockchain, Smart Contracts, and Decentralized Applications will be the next disruptive technology paradigm? In Oil and Gas we have seen a wave of digital transformation from sensors in the field, to predictive analytics; so how would blockchain further transform this industry? Those were some of the discussion topics our participants had the opportunity to uncover. Those rich discussions led to hands on activities where participants started blockchain projects and discussed ROIs. “I have enjoyed sharing the theoretical principles behind blockchain, but found the workshop to be a rare opportunity where we could discuss, in a peer group setting, applications for this new technology … and know that we are not alone trying to understand how it all fits within our current business”, said Elena Dumitrascu, VP Strategic Partnerships, Cortex Business Solutions.
The workshop provided insights into how blockchain and other technologies could come together to bring value to an organization. With the Energy industry’s fast-growing adoption of Internet-enabled products, the business-to-business market for “Internet of Things” (IoT) communicating using blockchain technologies allows for IoT data to be shared, reported on, and sold without the need for 3rd party consolidators. Imagine being able to buy and sell location-specific environmental data that could help optimize production? That is the promise behind the IOTA project for example, a peer-to-peer sensor data marketplace.
Current implementations of blockchain in Oil and Gas and other verticals were showcased and analyzed: energy trading, frac operations, supply chain, regulatory reporting, medical and mining. These implementations were presented by their actual project team members. Workshop participants had the opportunity to ask about the driving factors behind each project as well learn the latest developments the teams are working on.
TerraHub will continue to bring blockchain knowledge to the business community, with a number of public and private events scheduled across Canada and the United States.
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