Matthew N.O. Sadiku, Philip O. Adebo, Janet O. Sadiku
Blockchain is a shared, distributed ledger which is to assist in recording the transaction and in trailing assets in a business network. Technology is already transforming industries and business processes, leading to completely new experiences and groundbreaking results, in terms of transparency, disruption, and innovation. It is increasingly becoming too compelling a technology that cannot be ignored for the oil & gas industry. It is emerging as a technology that demands attention within the oil and gas sector. It promises potential cost reductions and enhanced process efficiencies. It can aid contract execution in transactions where the level of counterparty trust is low or where transaction value or complexity is high. It assists in securing and simplifying oil and gas trading, shipment tracking, inventory control, documentation, and billing and payments. In this paper, 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.
: blockchain technology, oil and gas industry, petroleum industry