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Blockchain Technology

11.3.1.4  Overvoice

11.3.1.4.1  Tracking of Petroleum Products

After the advent of liquefied natural gas (LNG) in the natural gas industry, its influ­

ence has rapidly taken a commanding position. Using dockets may decrease employee

productivity and efficiency and trigger a substantial decrease in the amount of prod­

uct generated for the business. Blockchain keeps track of petroleum and gas supply

chains and monitors service facilities for all stages leading up to consumption. It

addresses asset or property rights problems. However, due to the high legal cost of

copyright ownership and the strong likelihood that copyright registrations will be

later annulled, it is not cost-effective to register copyrights. It is also possible to track

similar equipment using the same technique (Chritdis and Devetsikiotis, 2016).

11.3.1.4.2  Compliance

Blockchain innovations pave the door to boost oil and gas trading compliance.

Technology is now addressing many of the challenges connected with the oil pro­

duction and construction period. The blockchain data exchanged in the “Trust Data”

system is trusted (Anjum et al., 2017).

11.3.1.4.3  Record of Data

Before the industry undertakes exploration, construction and other activities, petro­

leum and gas companies must obtain land use rights. Property transactions are

highly fraudulent. Blockchain technology helps create a land mobility, value and

ownership audit trail (Liang et al., 2017).

11.3.1.4.4  Cyber Security

Before undertaking exploration, production and other operations, petroleum and gas

companies must acquire the right to use the property. The land deal is very likely

to be fraudulent in this context. Blockchain technology creates a verification trail of

mobility, value and property ownership. It eliminates the property’s loss or absence

and the impact of conflict on the property (Mittal et al., 2017).

11.4  STATUS OF BLOCKCHAIN AND PILOT PROGRAMMES

Many petroleum firms are already beginning to invest in developing this newest tech­

nology. BP and Shell are experts in keeping energy requirements at optimum effi­

ciency. The Abu Dhabi National Oil Company (ADNOC) simplified the platform’s

purchasing process using advanced technology tools, and a saving of up to 30% was

achieved in 2019. Sinochem was the first industry that executed the first pilot plant

to import crude oil in China in 2017. The automated charge ratio and smart contract

would significantly increase petroleum trade efficiency. VAKT Trading Crude Oil

Consortium 2018 is a crude oil trading facility for petroleum giants like BP, Shell

and Equinor. It replaces a manual paper system using fax, email or courier (BP

and Shell Join Big Banks, 2019). In 2018, China-based VeChain launched a pilot

programme for LNG quality control and operational management(Vechain Inks