With major oil & gas players revealing programs to cut emissions — like BP publicly pledging to eliminate or offset all emissions by 2050 or other big producers pledging drastically new emission targets — there is little to no information about how these companies intend to achieve these goals.
To reduce the carbon footprint of the oil & gas supply chain, companies have to be able to accurately and repeatedly collect and track data that can be inherently trusted. Blockchain offers the ability to retain a record of immutable truth and a way to pioneer ecological compliance benefits.
By streamlining operational processes, reducing inefficiencies, lowering capital requirements and decreasing waste and redundancies, blockchain can enable better financial and environmental consequences. This includes mitigating the ecological impacts that occur in the event of a spill.
Same Smart Contracts, Other Efficiencies
The same data used to garner visibility, transparency and accuracy in smart contracts can be applied to other efficiencies. Examples of this include automating diesel delivery and consumption to report CO2 emissions or to claim credits for improvements; in trucking costs and demurrage data can demonstrate a reduction in vehicles on the road, which results in lowered emissions and fewer accidents.
In multiple contracts — from subsupplier to supplier, contractor to end use customers, founder to mill, manufacturer to field use or maintenance contractors — blockchain can track the carbon footprint of the entire supply chain as contracts are executed. Blockchain and smart contracts lend an immutable system of trust that can be applied to tracking data and sharing records with authorized agencies, providing the first of its kind ability to improve the carbon footprint of the supply chain as a whole.
Catch the Livestream
Last week, Data Gumbo CEO Andrew Bruce had the opportunity to participate in a livestreaming event in conversation with Randolph Bell, Director of the Global Energy Center, and Richard Morningstar, Chair for Global Energy Security at the Atlantic Council, for the Atlantic Council Global Energy Center’s third installment of its EnergySource Innovation Stream series exploring blockchain in energy: