Petrobras tests prototype for smart contracts using blockchain

As blockchain gains momentum in the tech world, the oil and gas industry is taking notice and looking into how the technology can be adopted to improve performance and reduce costs in our world. Petrobras, for one, has developed a prototype of a smart contract using blockchain and real-time drilling data, said Gleber Teixeira, Advisor with Petrobras, at the 2019 IADC World Drilling Conference in Milan on 20 June. A smart contract is an auto-executable computer program that automatically manages a contract and where payments are made with cryptocurrency. In this video with DC, Mr Teixeira discusses how a smart contract was used to rent a pump unit with automatic monitoring. Watch the video for more information.