Blockchain technology has been helping some of the biggest firms around the world become more efficient, cutting costs from antiquated processes. HSBC recently released results from its blockchain based FX Everywhere platform, noting savings of 25%. Now, Shell has thrown its hat into the blockchain ring by putting out job adverts for blockchain analysts – presumably to help it transition its systems towards a blockchain-based setup. Shell is the fifth largest oil producer globally, but it could significantly decrease its costs and become more profitable through a blockchain overhaul – a vital move for the oil company, as the world looks to become less reliant on oil-based products.
Recent Graduates Wanted
The oil giant posted the ads over on LinkedIn several weeks ago and the positions are now closed. Shell was hiring recent graduates with a focus in mathematics, artificial intelligence, computer science, and blockchain technology. Fortunately, more universities from around the world have started offering blockchain courses, and the University of Geneva is the latest one to offer these prestigious courses. The demand for developers qualified in blockchain technology is skyrocketing, so these courses will only become more popular as time goes on.
Big Firms Looking for Solid Use Cases
Corporate giants like Shell are looking for blockchain use cases to model their new platforms on. This is in an attempt to create hyper-efficient platforms that will cut costs and streamline business activities. IBM has recently teamed up with Ford to create a blockchain platform to track the world’s supply of Cobalt in a bid to clean up the industry. Currently, the Democratic Republic of Congo produces the vast majority of the world’s cobalt, but it uses large amounts of child labor. In a bid to reduce this, IBM and Ford are teaming up to track the entire supply chain.
IBM isn’t stopping there, it is also teaming up with the Fresh Water Trust to track underground water usage. Using state-of-the-art sensors, IBM is able to track groundwater to the point where it’s being taken from, so that ecosystems that rely on this precious water can be protected.
Oil Industry Turning to Blockchain
Shell is likely motivated to hire blockchain analysts off the back of news that the oil industry is about to get its own blockchain platform. Oil traders from around the world can now log onto a new blockchain-based oil trading platform, where corporate giants like Shell, BP, and ExxonMobil can sell their oil to countries and refineries. Payments are settled in real time and oil is credited to accounts faster than ever before.
Shell appears to have found its new blockchain analysts and they are now hard at work developing a fresh platform for the company to use. When Shell will push the project live and announce results from initial testing is yet to be seen, but it could be a couple of years before we hear any concrete news.