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Blockchain in Oil and Gas Industry

11.2.2  Blockchain Key Attributes

Accountability, decentralization, immutability, anonymity and confidentiality are

critical features of blockchain technology. Figure 11.4 reflects these key attributes.

Decentralization ensures that the data is not centrally collected, processed and

updated. Openness is the cornerstone of the trusted blockchain, as data recording

and upgrading are open to nodes across the network. Providing a database archive

for mobile devices makes the system simpler and more profitable. The performance

and efficiency of the system are greatly improved using blockchain technology.

Blockchain software rules implicitly determine whether node-to-node communica­

tion transactions are legitimate. The two parties make the transaction anonymous

for blockchain structures, as the software rules determine whether the transactions

are legitimate (Atlam and Wills, 2019; Sultan et al., 2018; Zambrano, 2018; Jansen,

2018; Abe et al., 2018; Hughes et al., 2018; Christidis and Devetsikiotis, 2016; Dorri

et al., 2019).

11.2.3  Blockchain Infrastructure

Trusted and the public are the two groups of the blockchain infrastructure. Private

and consortium are the two types of trusted blockchain. Currently, only commer­

cial enterprises, government entities, or individuals are utilising private blockchain

technology. The consortium rules recommend the amount of control a consortium

participant should have over the blockchain and accounting records. It sets up

a structured framework for data protection and safety concerns. It integrates pri­

vate and state blockchain technologies. Nonetheless, only the blockchain would be

vulnerable in a centralized network, and not the whole device's security would be

FIGURE 11.4  Blockchain key attributes. (From Puthal, D., et  al., IEEE Consumer

Electronics Magazine, 7, 18, 2018).