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Long before crowdsourcing became a worldwide phenomenon, “Harambee” (“pulling together”) was the Kenyan national motto. In postcolonial Kenya, fundraising became a way to build schools and hospitals and...
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External Publications • June 14, 2017
Distributed ledger technology, commonly known as blockchain, has its roots in the online currency Bitcoin. But blockchain is growing beyond its currency origins, making inroads into the financial services and tech industries toward improvements in operations and finance.
Is blockchain ready for prime time in the oil and gas industry? Is it hype—or a genuine agent of change? The jury is out. Some executives recognize its potential for reshaping their business. Others express concern about disruption, unsure if the future benefits will outweigh the risk and investment demands of being a first mover. More than a few have little or no knowledge of the possibilities—or they may believe that alternate solutions such as robotics and cognitive technology are superior solutions to their current challenges.
In this article, Nonresident Fellow Morgan Bazilian, in cooperation with Mark Koeppen, a Principal in Deloitte Consulting LLP’s CFO strategy practice, and David Shrier, Managing Director of MIT Connection Science, write about the future of blockchain in the oil and gas sector.
As the world races to transition to cleaner energy sources, there exists a substantial gap between the financing required for this transition and the actual investments being made.
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External Publications • June 14, 2017