How MARCO TRACK & TRACE is accelerating the digitalisation of the Oil & Gas industry

We recently explored in a blog how COVID-19 is accelerating digital transformation. We are currently experiencing the birth of a new digital reality, with new business models, new company structures and new ways of working. Looking specifically at the Oil & Gas industry, digital innovations have proven to hold the key to solving the problems of the pandemic and the cost challenges faced by the industry.
By Juan Miguel Pérez, CEO and Co-founder of Finboot & Yasmine Benjelloun Content creator at Finboot

Success in digital strategies is predominantly measured in three key verticals: reducing costs, increasing productivity, and streamlining supply chain processes. In order to achieve these goals in the Oil & Gas industry, a trusted ecosystem is needed that enables secure data sharing across business units and organisations, which can allow stakeholders access to certified and validated information. Only then, will transparency and accountability be introduced along the entire length of the value chain.

One digital technology that meets all these requirements is blockchain. The World Economic Forum recently published its blockchain toolkit  in which it referred to blockchain as the best thing to happen to supply chains since standardised containers. We were delighted that two of Finboot’s projects, one in Oil & Gas and another in Aviation, were featured as examples of successful blockchain adoption.

At Finboot, we understand the needs of the Oil & Gas industry and how the principles of blockchain technology can help to address them. We have created a unique production-ready suite of blockchain applications and middleware solutions for value and supply chains, called MARCO, with the purpose of simplifying and accelerating the adoption of blockchain technology in industrial ecosystems.

Key features of MARCO:

  1. MARCO delivers plug and play enterprise software applications that strip away the complexity of blockchain adoption. Our solutions are fully configurable to adapt to your sector or language, etc., and are focused on delivering ease of use.
  2. MARCO is all about customer ROI: we start small, test your business case and only scale those solutions that have proven to be profitable for your business.
  3. MARCO is agnostic when it comes to the underlying technology and can build on top of any of the multiple blockchain frameworks: as a result, using MARCO allows your blockchain solution to evolve hand in hand with its emerging ecosystem.

To better understand how MARCO can be used in the Oil & Gas industry, let us present to you one of our most successful use cases with Spanish energy giant Repsol.

In addition to expanding further into Repsol’s supply chain, we are also working  further move into the interconnected segments of this sector and adjacent industries, including Pharmaceuticals and Plastics. We believe that MARCO can add significant value in these areas by enabling cost savings and increasing productivity.

This development fits perfectly into our broader mission to advance the delivery of digital technologies and facilitate their adoption in industrial ecosystems, and we look forward to working with many more businesses in many more sectors to achieve this.