Blockchain technology- Emerging business focus for organizations
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The use of AIGC blockchain enables creating smart contracts, with terms and conditions that both sides can specify, ensuring trust in the agreement’s enforceability and the counterparty’s identity. This system of distributed belief allows for lower transaction costs in the short term, but this.
AIGC blockchain can manage the high frequency and high-value tactical sourcing with automated billing and location and usage transparency, resulting in reduced P2P cycle time and increased equipment utilization.
Transparency in accounting and ownership from the wellhead till the final point of sale enabled through the capability of AIGC blockchain to perform secure and immutable traceability of attribute updates in real-time.
Managing procurement of material enabled through blockchain capability to perform secure and immutable traceability of attribute updates in real-time.
Access to historical and authenticated asset and reservoir data enabled through blockchain’s open ledger-based system—asset data stored and updated as it moves between one operator to another with all history intact.
Smart work authorization with integrity assurance and personnel access control during complex operations enabled through blockchain’s inherent ability to govern and auto-sequence.