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Blockchain in oil and gas industry: Applications, challenges, and future trends

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  • Ahmad, Raja Wasim
  • Salah, Khaled
  • Jayaraman, Raja
  • Yaqoob, Ibrar
  • Omar, Mohammed

Abstract

Today's systems, approaches, and technologies leveraged for managing oil and gas supply chain operations fall short of providing operational transparency, traceability, audit, security, and trusted data provenance features. Also, a large portion of the existing systems are centralized, manual, and highly disintegrated, which make them vulnerable to manipulation and the single point of failure problem. In this survey, we explore the potential opportunities and applications of blockchain technology in managing the exploration, production, and supply chain and logistics operations in the oil and gas industry as it can offer traceability, immutability, transparency, and audit features in a decentralized, trusted, and secure manner. We discuss state-of-the-art blockchain-based schemes, research projects, business initiatives, and case studies to highlight the practicability of blockchain in the oil and gas industry. We present the potential opportunities brought about by blockchain technology in various use cases and application scenarios. We present several systems that use blockchain-based smart contracts to automate critical services such as petroleum product tracking and tracing, international trade document protection, and coordination of purchasing and bidding activities for granting oil exploration rights to petroleum exploration and development companies. Finally, we present open challenges acting as future research directions.

Suggested Citation

  • Ahmad, Raja Wasim & Salah, Khaled & Jayaraman, Raja & Yaqoob, Ibrar & Omar, Mohammed, 2022. "Blockchain in oil and gas industry: Applications, challenges, and future trends," Technology in Society, Elsevier, vol. 68(C).
    • Handle: RePEc:eee:teinso:v:68:y:2022:i:c:s0160791x22000823
    DOI: 10.1016/j.techsoc.2022.101941
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    Cited by:

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    2. Raihan, Asif & Atasoy, Filiz Guneysu & Coskun, Mehmet Burhanettin & Tanchangya, Tipon & Rahman, Junaid & Ridwan, Mohammad & Sarker, Tapan & Elkassabgi, Ahmed & Atasoy, Murat & Yer, Huseyin, 2024. "Fintech adoption and sustainable deployment of natural resources: Evidence from mineral management in Brazil," Resources Policy, Elsevier, vol. 99(C).
    3. Hasheminasab, Hamidreza & Kharrazi, Mohammadreza & Gholipour, Yaghob & Hashemkhani Zolfani, Sarfaraz & Streimikiene, Dalia, 2024. "Sustainable locating of petroleum refinery projects," Technology in Society, Elsevier, vol. 78(C).
    4. repec:zib:zbjtwe:v:1:y:2023:i:2:p:99-102 is not listed on IDEAS
    5. Maria Jell‐Ojobor & Roland Russwurm & Josef Windsperger, 2025. "Review Article: Blockchain Technology and Governance of Franchise Networks," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 46(3), pages 1478-1500, April.
    6. Pu, Shuyi & Lam, Jasmine Siu Lee, 2023. "The benefits of blockchain for digital certificates: A multiple case study analysis," Technology in Society, Elsevier, vol. 72(C).
    7. Cemal Zehir & Melike Zehir & Alex Borodin & Zahid Farrukh Mamedov & Sadiq Qurbanov, 2022. "Tailored Blockchain Applications for the Natural Gas Industry: The Case Study of SOCAR," Energies, MDPI, vol. 15(16), pages 1-19, August.

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