There is little the oil industry has not attempted in the search for cost reductions. Over time, it has continued to introduced new technologies and reformed old systems but sometimes it takes something as simple as a fresh look at conventional processes to save millions.
Ten years ago, in 2006 IBM’s principal investigator David Ferrucci tested a question-answering system that was meant to respond to the clues of a quiz show but only performed at a correct rate of 15%.
Cost efficiency – it is always a topic of conversation where IoT is mentioned. IoT saves money, time and effort for the customer and leads to better results for the user. Yet IoT is constantly changing and with new methods come new benefits – sometimes even for the provider too.
The now familiar crypto currency, Bitcoin, is known around the world and used by over 10 million people. As one of the first of its kind it had a struggle first to gain market traction and is still not quite as popular as predicted at the time of its launch, yet it is a very fitting example of the success a digital currency alternative can have.
In a race to save costs and maximise profit, mining companies have often chosen to work individually and not even considered cooperation with others as a viable option.
It is no secret that oil drilling and pumping is a financially demanding process but it is even more so when it is a question of oil sands. They not only require a substantially larger amount of water and energy in the drilling stage but the extracted oil then needs to be either upgraded to a different oil type or diluted.
As exciting as solar energy and cells are, they are still facing two major complications before they can produce sufficient or even abundant power.
The term “energy internet” (EI) is relatively new today. It hasn’t been used on a large scale quite yet and is nearly totally unknown to the average consumer.
Perhaps one of the last of the natural resource industries to adapt IT and subsequently IoT is the mining industry. Two of the industry’s largest companies, BHP Billiton and Rio Tinto, are now showing commitment to this new integration of technology, e.g. automation, into their business model...
The one major factor holding back IoT is security concerns and standards that come in the wake of it. As devices become smarter and have more conformable ability to connect, their firewall systems aren’t always up to date and cyber attacks are a reality of the modern society.