The Condatis team had the pleasure to speak at the latest Future of Oil and Gas (FOG2023) conference and share our thoughts on how Distributed Ledger Technology (DLT) and Verifiable Credentials (VC) can address common problems within the oil & gas industry. Read our summary and download the full version below.
As the Oil & Gas industry undergoes digital disruption, embracing innovative technologies is vital for enhancing efficiency and security. Effective digital identity management is crucial for managing the access identities of employees, contractors, and partners across complex networks.
This article explores how Distributed Ledger Technology (DLT), and Verifiable Credentials (VC) can address Identity and Access Management (IAM) challenges, providing security, faster on-boarding, streamlined solutions, and empowerment for remote workers. We discuss our Proof of Value (POV) project in the nuclear sector, showcasing the benefits of VC for remotely managing employee identities, training credentials, and security clearances.
- As oil & gas companies rely more on digital tech for growth and efficiency, strong IAM systems are essential to safeguard data and network security.
- Verifiable Credentials use distributed ledger technology to provide secure digital proof of certifications and qualifications. They’re tamper-proof and safer than traditional identification methods, reducing fraud risk and improving efficiency.
- Distributed identity also reduces reliance on centralised systems, which are often targeted by cyber-attacks.
Case Study – Optimising staff movement for Sellafield Ltd
Condatis worked with Sellafield Ltd and Digital Catapult to explore decentralised identity using a Verifiable Credential Staff Passport platform. The Proof of Value focused on optimising staff onboarding, providing secure and verifiable credentials, enabling end-user control over personal data, integrating across multiple Nuclear Decommissioning Authority (NDA) sites, and resulting in cost savings and operational improvements.
Sellafield employs around 15,000 people, with 600 job functions requiring suitable qualifications and experience. The results showcased increased security, streamlined processes, and improved trust and privacy. Biometric-secured mobile digital wallets improved security beyond traditional methods, while distributed identity solutions reduced onboarding and offboarding time by up to 80%. Cryptographically secure Verifiable Credentials fostered trust among stakeholders and enhanced privacy and confidentiality.
“This project has also helped us transform our ways of working internally… demystifying adoption of emerging technologies such as distributed ledger ones for us and our close stakeholders. The benefits go beyond the very valuable experimentations themselves, and we seek to repeat this type of project to address other challenges and technologies.” – Richard Thompson – Enterprise Data Manager, Sellafield Ltd
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Investing in digital identity solutions improves operations, cuts costs, and enhances staff and customer experience, keeping companies competitive in evolving markets.