The digital era has transformed different traditional industries such as metallurgy and manufacturing, driving them to adopt new technologies for a 100% digital future. Therefore, important sectors such as oil and gas are betting on the use of digital and innovative tools for business success.
Hence, concepts such as tokenization and its derivatives have achieved greater relevance and notoriety in recent years, becoming a fundamental part of ideas and projects for the petrochemical sector. But what is the meaning of tokenization?
Tokenization is a concept that refers to the conversion of assets into tokens, which are units of digital value that acquire real value and can be stored, recorded, and exchanged in a blockchain system. According to William Mougayar in his book “The business blockchain,” tokens provide power to the users of an organization, facilitating the distribution of benefits among shareholders. In that sense, this concept appears as a way to reduce the risk associated with investing in assets.
Tokenization for oil companies
According to Blockchain for Energy, the oil industry recognizes these technologies as fundamental elements to reduce friction during interaction with external parties, such as suppliers, vendors, contractors, and others involved in the oil and gas sector. For this reason, the use of tokenization has become an attractive way to drive the industry forward and ensure the development of all parties involved.
Currently, there are several companies in the sector that have bet on this technology and its many benefits. I would like to share with you a couple of cases that undoubtedly caught my attention, and I am sure yours as well.
For example, Equinor, is using field sensors to transmit real-time monitoring data and encode it into the private, authoritative smart contact network. Similarly, GuildOne, has developed the ESG1 platform, which uses smart contract software and blockchain applications to solve one of the industry’s biggest challenges: creating verified value from emissions reductions. In contrast, Restart Energy One, launched a blockchain-based platform that allows companies to purchase sustainability certificates in the form of non-fungible tokens, or NFTs.
That said, all in all, the bet on tokenization and its implementation can be considered a revolution that has the capacity to catapult companies into the future sector through innovation. Reflect on its possible applications in the activities we already carry out. From my role as a business leader and expert in the industry in question, I consider it fundamental to continue learning and educating more professionals in the adoption of technologies to make processes more efficient and valuable.
Owner of several companies in the energy and mining sector, and inventor of the design and engineering of the Super Matroid Heater and Ultra Filtration Systems for the oil and gas industries.
