Blockchain in the oil industry

White Paper: Information Technology in the Oil and Gas Industry

2019: OPEC: Blockchain and Big Data to kick-start oil industry

Blockchain and Big Data technologies will give a strong impetus to the development of the oil industry, according to the Organization of the Petroleum Exporting Countries (OPEC). This forecast was announced on November 5, 2019 by the TASS Information Agency of Russia.

Refineries generate many streams of information: data on the process parameters and technical characteristics of the product (for example, pressure, temperature and technical characteristics of the product at different stages of processing), as well as reports on energy consumption and personnel activities.

Blockchain and Big Data technologies will give a strong impetus to the development of the oil industry, according to the Organization of the Petroleum Exporting Countries (OPEC)

OPEC says that digital technologies provide optimization of work with big data. For example, labeling blockchain-based operations allows you to streamline information flows and ensure their reliability without the need to involve third parties. At the same time, Big Data analysis using analytical algorithms opens up wide prospects for identifying hidden trends and allows you to get a detailed idea of ​ ​ the current state of processes, the study says.

It also follows from the report that experiments were previously carried out using blockchain in the trade in liquefied natural gas. Thanks to such projects, it was possible to reduce the timing of gas supplies by several weeks. Blockchain is projected to become more widespread, thanks to its ability to reduce costs and increase the efficiency of operations.

Using blockchain by oil sector companies could help them cut their costs by about a third, Data Gumbo predicts.

Earlier in 2019, Sinochem Energy Technology, a subsidiary of the Chinese state giant Sinochem Group, together with Shell and Macquarie announced the launch of a blockchain platform for oil operations. The goal of the project is to increase the transparency and efficiency of calculations.^[1]

Notes