Oleru, Augustine (2024) Use of Blockchain Technology to Enhance Transparency and Efficiency in the Supply Chain, Leading to Cost-Effective Operations in Oil and Gas Midstream Sector. International Journal of Petroleum and Gas Engineering Research, 7 (2). pp. 33-48. ISSN ISSN 2514-9253(Print), ISSN 2514-9261 (Online)
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Abstract
This comprehensive research paper delves into the transformative potential of blockchain technology within the midstream oil and gas industry. It critically examines how blockchain can act as a pivotal force in augmenting transparency and operational efficiency. The study meticulously explores the multifaceted ways in which blockchain can simplify complex processes, curtail expenditures, and cultivate a collaborative ecosystem among diverse industry stakeholders. The ultimate objective of this scholarly work is to furnish an exhaustive analysis of blockchain's capabilities, thereby equipping industry professionals and academic researchers with profound insights that could spearhead a paradigm shift in midstream oil and gas operations.In the intricate and dynamic realm of the midstream oil and gas sector, the quest for enhanced transparency and efficiency is relentless. Blockchain technology emerges as a formidable contender in this pursuit, promising a revolution in the way operations are conducted. This paper scrutinizes the role of blockchain as a catalyst for change, focusing on its potential to overhaul existing paradigms and set a new benchmark for industry practices. Blockchain's decentralized ledger system offers an unprecedented level of clarity in operational proceedings. Companies can leverage this technology to monitor shipments with unparalleled precision, ensuring real-time visibility and traceability. The automation of contractual obligations via smart contracts stands to significantly diminish the time and resources dedicated to reconciliation processes. This technological innovation fosters a harmonious environment where disputes are minimized due to the immutable and transparent nature of blockchain records. The application of blockchain extends beyond mere tracking; it revolutionizes the transfer of custody and title of goods. By establishing a single source of truth, blockchain mitigates the risk of discrepancies and simplifies the exchange process. This aspect of blockchain is particularly salient in the context of digitizing crude oil transactions, where security, transparency, and efficiency are paramount. The pioneering initiatives by industry giants such as Natixis, IBM, and Trafigura in 2017 serve as a testament to blockchain's potential in redefining transactional protocols. The implications of integrating blockchain technology into the midstream oil and gas sector are profound. This research paper has illuminated the myriad ways in which blockchain can streamline operations, economize costs, and foster stakeholder collaboration. As the industry stands on the cusp of a technological renaissance, the insights provided herein are not only timely but also pivotal for those poised to navigate the evolving landscape of midstream oil and gas operations.
| Item Type: | Article |
|---|---|
| Subjects: | T Technology > TA Engineering (General). Civil engineering (General) |
| Depositing User: | Professor Mark T. Owen |
| Date Deposited: | 05 Jun 2024 16:56 |
| Last Modified: | 05 Jun 2024 16:56 |
| URI: | https://tudr.org/id/eprint/3060 |
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