Digital transformation of business: use of blockchain in the oil & gas industry

The relevance of this paper is due to the rapid development and spread of modern digital technology in many areas of human activity, including the oil & gas sector. Effective communication between oil traders and banking organizations urges both parties to reimagine the approach of data and financial exchange. This brings new challenges to today's digital transformation of such organizations. The paper analyses possible applications of blockchain as well as explores the practical implementation of a blockchain platform in a petroleum trading company on the example of a payment execution process which involves three parties – client, petroleum trader and bank.