BlockChain for Oil and Gas?
Ask some leaders about the distributed ledger technology and the response might have questions regarding “Bitcoin”. But, BlockChain technology is about immutable and impenetrable cyber protection that isn’t pinned to just the bitcoin industry.
Chuck Drobny, CEO of GlobaLogix, discussed the positive affect of BlockChain for oil and gas that can, and will, grow with influence:
“BlockChain will have more of an impact on the global economy in the next five years than the internet has in the last thirty.
I’ve made this rather bold and provocative statement both publicly and privately many times in the last several years. It’s never been substantively challenged by anyone – certainly not by anyone with more than just a rudimentary understanding of BlockChain.
Interest in BlockChain has grown exponentially in recent years in every industry and enterprise of size has one or more initiatives to integrate BlockChain into their everyday operations. Google ‘BlockChain’ – it yields 228 million results. Google ‘BlockChain for oil and gas’ – 35 million results.”
It is not only that BlockChain increases security and reduces physical commodity trade time, enables immediate invoicing as chemicals are used or produced by equipment and pipeline sensors, provides trustworthy source of information between counterparties, but it also gives SCADA network cyber-protection for its field devices.
GlobaLogix, Inc has had a solution using BlockChain for oil and gas since early 2018 (In Partnership).
It’s a fabric that does four things for oil and gas SCADA Networks:
- A Device identification for both edge and end devices.
- Detailed access control of field devices.
- Immutable and impenetrable cyber protection for field devices.
- A detailed ledger of all changes to field devices.
“BlockChain will have more of an impact on the global economy in the next five years than the internet has in the last thirty.” – Chuck Drobny, CEO of GlobaLogix
Ask About How GLOBALOGIX Can Help With BLOCKCHAIN SECURITY for IIOT
Any-to-any cooperation between machines, people, and applications across connected devices in a secure data exhange – That is the foundation for Edge Security Fabric.
⊕ User/Role based access
⊕ Identity and Authentication
⊕ Credential Management
⊕ Industrial Protocols
⊕ Audit & Compliance
⊕ Tamperproof and self-healing
BlockChain for oil and gas technology is ground-breaking, and with that come some skepticism. It takes time, growth, experience, and embracing the leap to accept the changes. But, skeptics or not, the evolution of cyber-security is inevitable, and leaders are understanding and seeing the trend.
BlockChain for oil and gas will be answer to many challenging Industrial Security issues in their critical infrastructure that becomes a target for hackers. The Tamperproof security that blockchain for oil and gas provides can combat risks involved in many centralized, connected devices and applications across organizations that leave themselves open to cyberattacks.