Oil is central to the growth of the global economy and maintenance of political stability. But for an industry that plays such an important role in both shaping and maintaining the world around us, its business model is quickly becoming outdated. As the industry struggles to adapt to the demands of a rapidly changing and politically charged world, some of the largest oil companies are looking to modernize through blockchain.
Moreover, governments around the world are struggling to come to terms with the consequences of climate change, and the extraction of fossil fuels does nothing to help reduce emissions. As society grows more conscious of the effects of global warming, companies that generate nonrenewable energy such as oil have come under increased pressure to clean up their act.