April 27, 2021 • 1 min read
Harnessing the potential of blockchain
Worley joins the Blockchain for Energy consortium
This consortium is the first of its kind for the energy industry in the US. It explores ways to apply blockchain technology to maximize efficiencies, reduce costs, improve timelines and drive industry transformation.
Blockchain is an internet-based technology that enables transparent and instantaneous transactions, verified and stored on permanent public ledgers.
The potential benefits for the energy industry are enormous. It can bring new efficiency gains across the energy ecosystem and enable better and more sustainable ways of working.
It has been estimated that the market for blockchain technology in the energy industry will grow from USD 220 million in 2018 to USD 3 billion by 2025.
As part of this new relationship, Vishal Mehta, Senior Vice President, Worley Digital, will join the Blockchain for Energy board.
“Blockchain could enable the industry to digitize contracts, verify transactions and manage exchanged data and digital content,” says Mehta “When integrated with edge devices and the internet of things (IOT), it’s decentralized business model – whereby data is validated and stored across a network of computers rather than centrally in one database or location – could create new business models and dramatically reduce the time and cost involved in many industry processes.
“For example, imagine a supply chain model where payments are fully automated using signals from real time IOT networks. They can be delivered directly and instantaneously without the need for an intermediary, bureaucratic workflows and paperwork, invoice exchange, or clearing period. They can also be audited immediately by all parties on a transparent central record.
“Blockchain is an emerging technology, but there are already many powerful use cases from other industries that demonstrate its potential. We are thrilled to join Blockchain for Energy and have the opportunity to work at the forefront of this technology within energy industry.”
