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MAAL BLOCKCHAIN IN
OIL & GAS
Bringing Confidence, Accountability,
And Transparency To The Surface
LEVERAGING MAAL BLOCKCHAIN TO REDUCE COSTS & INCREASE MARKET LIQUIDITY
A dynamic sector such as oil and gas faces fluctuating supply and demand, a constantly changing geopolitical climate, and increasing regulatory oversight. Due to these complexities, as well as the obvious and underlying difficulties of oil and gas exploration and production, implementing a blockchain based supply chain management system could be essential to overcoming these challenges.
Oil & Gas Use Cases
Contract Management And Automation
The oil and gas contracting process can be complex, with lengthy agreements and contracts. Some contracts may be agreed some years before they are completed, and some may be adjusted through a change order. Self-executing smart contracts written on Maal Blockchain are based on agreed criteria and written in code, removing ambiguity in terms and reducing the need for lawyers to draft and interpret. Upon fulfilling the contract's criteria, ownership or payment, for example, will be automatically transferred. Smart contracts could be amended if the parties agree, and would maintain a record of all versions and amendments to the contract. Apart from that, transactions might require payment or even government approval. Legal terms could be interpreted more quickly and accurately using Maal Blockchain, and government authorities could access relevant parts of the smart contracts to audit or pre-approve taxation treatments.
Traceability And Provenance Tracking
Maal blockchain can be used to track the journey of oil and gas products from the production site to the end-consumer. This can help to increase transparency and accountability in the supply chain, enabling companies to monitor the distribution of products, detect any potential issues and prevent fraud and counterfeiting. Maal Blockchain and IOT based traceability solutions can also help to reduce waste by enabling companies to identify areas where they can improve their processes, and ensure that products are ethically sourced and of the highest quality.
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