Implementing Blockchain Technology in Oil and Gas Industry: A Review

2018 ◽  
Author(s):  
Vikrant Lakhanpal ◽  
Robello Samuel
Keyword(s):  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Blockchain Technology

scholarly journals Crypto Hash Algorithm-Based Blockchain Technology for Managing Decentralized Ledger Database in Oil and Gas Industry

J ◽  
2019 ◽  
Vol 2 (3) ◽  
pp. 300-325 ◽  
Author(s):  
Lukman Adewale Ajao ◽  
James Agajo ◽  
Emmanuel Adewale Adedokun ◽  
Loveth Karngong
Keyword(s):  
Embedded System ◽  
Petroleum Product ◽  
Oil And Gas ◽  
Research Work ◽  
Oil And Gas Industry ◽  
Product Distribution ◽  
Gas Industry ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Hash Algorithm

This research work proposes a method for the securing and monitoring of petroleum product distribution records in a decentralized ledger database using blockchain technology. The aim of using this technique is to secure the transaction of distributed ledgers in a database and to protect records from tampering, fraudulent activity, and corruption by the chain participants. The blockchain technology approach offers an efficient security measure and novel advantages, such as in the transaction existence and distribution ledger management between the depot, transporter, and retailing filling station. Others advantages are transparency, immunity to fraud, insusceptibility to tampering, and maintaining record order. The technique adopted for this secure distributed ledger database is crypto hash algorithm-1 (SHA-1)-based public permissioned blockchain and telematics, while this telematics approach is an embedded system integrated into an in-vehicle model for remote tracking of geolocation (using Global Positioning System (GPS)), monitoring, and far-off data acquisition in a real-time. The scope of the data in the secure distributed ledger database (using blockchain) developed are identification (ID) of the tanker operator, Depot name, Source station ID, Destination station ID, Petroleum product volume, Transporter ID, and Geographic automobiles location. This system proved to be efficient, secure, and easy to maintain as it does not permit any individual for records tampering, but supports agreement of ~75% of participants in the chain to make changes.

scholarly journals Blockchain in Oil and Gas Industry: Applications, Challenges, and Future Trends

2021 ◽  
Author(s):  
Raja Wasim Ahmad ◽  
Khaled Salah ◽  
Raja Jayaraman ◽  
Ibrar Yaqoob ◽  
Mohammed Omar
Keyword(s):  
Supply Chain ◽  
Oil And Gas ◽  
Single Point ◽  
Oil And Gas Industry ◽  
Petroleum Products ◽  
Petroleum Exploration ◽  
Future Research ◽  
Data Provenance ◽  
Gas Industry ◽  
Blockchain Technology

Today's systems, approaches, and technologies leveraged for managing oil and gas supply chain operations fall short in providing operational transparency, traceability, audit, security, and trusted data provenance features. Also, a large portion of the existing systems is centralized, manual, and highly disintegrated which make them vulnerable to manipulation and the single point of failure problem. In this survey, we explore the potential opportunities and applications of blockchain technology in managing the exploration, production, and supply chain and logistics operations in the oil and gas industry as it can offer traceability, immutability, transparency, and audit features in a decentralized, trusted, and secure manner. We discuss state-of-the-art blockchain-based schemes, research projects, business initiatives, and case studies to highlight the practicability of blockchain in the oil and gas industry. We present the potential opportunities brought about by blockchain technology in various use cases and application scenarios. We introduce several systems that leverage blockchain-based smart contracts to automate the important services in terms of tracking and tracing of petroleum products, protection of international trade documents, and coordination of purchasing and bidding activities for granting oil exploration rights to petroleum exploration and development companies. Finally, we present open challenges acting as future research directions.

scholarly journals Blockchain Technology in the Oil and Gas Industry: A Review of Applications, Opportunities, Challenges, and Risks

IEEE Access ◽  
2019 ◽  
Vol 7 ◽  
pp. 41426-41444 ◽  
Author(s):  
Hongfang Lu ◽  
Kun Huang ◽  
Mohammadamin Azimi ◽  
Lijun Guo
Keyword(s):  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Blockchain Technology

scholarly journals Blockchain technology as a key element in the development of the oil and gas industry

2020 ◽  
Vol 7 (2) ◽  
Author(s):  
Raisa Azieva
Keyword(s):  
Global Economy ◽  
Oil And Gas ◽  
Negative Impact ◽  
New Technology ◽  
Oil And Gas Industry ◽  
Innovative Technology ◽  
Gas Industry ◽  
Blockchain Technology ◽  
Wide Range ◽  
Main Thing

New breakthrough technologies can have a positive or negative impact on the development of the fuel and energy sector. Therefore, the main thing is to evaluate technologies, analyze their suitability for the industry and determine priorities for future opportunities, i.e., identify technologies that provide new advantages for the energy world, and determine how, when and how their impact will become tangible. In this regard, researchers have determined that the innovative technology of the XXI century, recognized to transform the national and global economy is the blockchain technology. The article provides an overview of blockchain technology, defines the principles of its operation and possible applications, i.e., identifies the mechanism of action of the revolutionary system, as well as presents the players of the oil and gas industry to launch blockchain technology and identifies the advantages of innovative technology used in the oil and gas sector. It is determined that on the basis of the new technology, it is possible to create a single network for digitizing all interaction processes and automating them. The study also shows that the scope of application of blockchain in the oil and gas business is much broader, which determines the possibility of further consideration of a wide range of the need for the use of blockchain technology for the oil and gas industry, as well as its impact on the development of oil and gas companies.

scholarly journals Blockchain in Oil and Gas Industry: Applications, Challenges, and Future Trends

2021 ◽  
Author(s):  
Raja Wasim Ahmad ◽  
Khaled Salah ◽  
Raja Jayaraman ◽  
Ibrar Yaqoob ◽  
Mohammed Omar
Keyword(s):  
Supply Chain ◽  
Oil And Gas ◽  
Single Point ◽  
Oil And Gas Industry ◽  
Petroleum Products ◽  
Petroleum Exploration ◽  
Future Research ◽  
Data Provenance ◽  
Gas Industry ◽  
Blockchain Technology

Today's systems, approaches, and technologies leveraged for managing oil and gas supply chain operations fall short in providing operational transparency, traceability, audit, security, and trusted data provenance features. Also, a large portion of the existing systems is centralized, manual, and highly disintegrated which make them vulnerable to manipulation and the single point of failure problem. In this survey, we explore the potential opportunities and applications of blockchain technology in managing the exploration, production, and supply chain and logistics operations in the oil and gas industry as it can offer traceability, immutability, transparency, and audit features in a decentralized, trusted, and secure manner. We discuss state-of-the-art blockchain-based schemes, research projects, business initiatives, and case studies to highlight the practicability of blockchain in the oil and gas industry. We present the potential opportunities brought about by blockchain technology in various use cases and application scenarios. We introduce several systems that leverage blockchain-based smart contracts to automate the important services in terms of tracking and tracing of petroleum products, protection of international trade documents, and coordination of purchasing and bidding activities for granting oil exploration rights to petroleum exploration and development companies. Finally, we present open challenges acting as future research directions.

Blockchain in oil and gas: a collaborative approach

2019 ◽  
Vol 59 (2) ◽  
pp. 586
Author(s):  
L. C. Gallacher ◽  
D. Champion
Keyword(s):  
Value Chain ◽  
Oil And Gas ◽  
Cost Savings ◽  
Oil And Gas Industry ◽  
Multiple Stakeholders ◽  
Potential Cost ◽  
Gas Industry ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Geographical Regions

Blockchain technology is a distributed ledger of data, vetted before acceptance, encrypted and shared among parties (depending on the configuration) authorised to view it. Due to the potential cost savings, revenue generation, efficiency gains and security; governments, organisations, companies and consortia across many industries are developing proofs of concept with two in oil and gas reportedly now in production. The value chain in the oil and gas industry is characterised by many remote working locations across different geographical regions; involving multiple stakeholders and regulators each with differing criteria to be met. Many opportunities for improvement across the oil and gas value chain have been identified and some are beginning to be addressed by proofs of concept and live blockchain platforms. However, these are being developed via discrete consortia and not as part of a cohesive industry strategy. Standards to promote understanding and adoption are being developed at the global, national and industry level, but this is an area currently lacking in the oil and gas industry. This paper highlights activity in other industries and suggests that the recently formed OOC Blockchain Consortia of Oil and Gas industry participants, if extended to statutory organisations, regulators, standards organisations and academia could be the forum required to accelerate understanding and adoption within the industry to release the currently untapped value.

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