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Blockchain in Oil and Gas Industry

Blockchain technology has been adopted by several industries for over a decade.

However, the petroleum and gas sector has only just begun to adopt and research

blockchain technology, revealing greater reservations about its application. This

chapter aims to support the advancement of petroleum and gas blockchain technolo­

gies. Five key areas, blockchain fundamentals, applications, status, limitations and

future directions, are discussed in detail in the following sections.

11.2  BLOCKCHAIN TECHNOLOGY FUNDAMENTALS

This section presents a detailed discussion of blockchain philosophy, attributes, con­

sensus algorithms, encryption and model data algorithms.

FIGURE 11.1  Consequences of lack of blockchain implementation to the petroleum and gas

sector. (From Uba, S., Blockchain adoption in the oil and gas supply chain, 2021)

FIGURE 11.2  Benefits of integrating blockchain technology into the petroleum and gas

industry.