2017-04 Blockchain：Overview of the potential applications for the oil and gas market and the related taxation implications

Introduction
Blockchain is sometimes likened to the internet in terms
of its potential impact on the world. The cryptocurrency
bitcoin, launched publically in 2009, is the most wellknown
use of blockchain, but this is just one of many
potential applications. The potential uses for blockchain
are growing, some of which could have significant
implications for the oil and gas industry. This article
offers a high-level summary of how blockchain works,
its advantages over traditional systems, some of its
potential applications, and how these can be applied to
the oil and gas market, with a particular focus on taxation
and compliance.