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Blockchain in Oil and Gas Industry

Sapirshtein et al. (2016) indicate more profitable greedy mining methods for smaller

miners to contribute. They show that hackers can still obtain coins through fraud­

ulent mining, even using remote computing capacity. Billah (2015) chose a new

approach to motivate fair miners to pursue correct routes. The more truthful the

miners, the more frequently they might pick new blocks. However, fabricated time­

stamps are a problem. Block creation and block adoption must occur within a short

time frame, ensuring that the greedy miners won’t get the benefit they anticipated.

11.6  POSSIBLE FUTURE DIRECTIONS

Blockchain has emerged as a potential technology to improve profitability in the oil

and gas industry. Here, we present five primary considerations for the advancement

of blockchain technology.

11.6.1  Testing Blockchain

Numerous new blockchains and cryptocurrencies have appeared recently through­

out the news. However, developers with poor company practices could misrepresent

their blockchain growth results to encourage investors. Besides, what counts is the

user’s desire: As companies incorporate blockchains, they must choose the more

suitable blockchain. A verification framework has to be put into effect to validate

various blockchain technologies. The distributed ledger can have two sub-stages:

The standardizing and testing phases. The requirements and specifications are

thought through and analyzed in the standardization process. When the blockchain

and its protocol are updated, a Bitcoin developer group undertakes a peer review.

We need to enhance the quality assurance standards in the engineering of block­

chain systems.

11.6.2  Incentivize Decentralization

Blockchain is structured as an open, distributed and transparent ledger. The fact that

more people are participating in mining pools may result in the best of all possible

outcome. Currently, only five mining pools share 51% of the overall hash capacity

(Szabo, 1997). Besides, the greedy mining strategy (Eyal and Sirer, 2014) reveals

that networks with more than 25% of the total computing resources could receive

more revenue than a fair portion of the network’s strength. The selfish miners flood

into the pit, and its share grows past 51% (Eyal and Sirer, 2014).

11.6.3  Large (Data-based) Analytics

Data processing comprises data production and data analysis. Blockchains can store

critical data, as they are distributed and stable. The blockchain ensures that data

is original. If the blockchain is used to keep records, it is unlikely to be modified.

Blockchain transfers may be used for collecting data analytics. Users foresee poten­

tial trade partners.