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Crypto Hash Algorithm-Based Blockchain Technology for Managing Decentralized Ledger Database in Oil and Gas Industry

Author

Listed:
  • Lukman Adewale Ajao

    (Department of Computer Engineering, Federal University of Technology, Minna 920001, Nigeria)

  • James Agajo

    (Department of Computer Engineering, Federal University of Technology, Minna 920001, Nigeria)

  • Emmanuel Adewale Adedokun

    (Department of Computer Engineering, Ahamadu Bello University, Zaria 810241, Nigeria)

  • Loveth Karngong

    (Department of Computer Engineering, Federal University of Technology, Minna 920001, Nigeria)

Abstract

This research work proposes a method for the securing and monitoring of petroleum product distribution records in a decentralized ledger database using blockchain technology. The aim of using this technique is to secure the transaction of distributed ledgers in a database and to protect records from tampering, fraudulent activity, and corruption by the chain participants. The blockchain technology approach offers an efficient security measure and novel advantages, such as in the transaction existence and distribution ledger management between the depot, transporter, and retailing filling station. Others advantages are transparency, immunity to fraud, insusceptibility to tampering, and maintaining record order. The technique adopted for this secure distributed ledger database is crypto hash algorithm-1 (SHA-1)-based public permissioned blockchain and telematics, while this telematics approach is an embedded system integrated into an in-vehicle model for remote tracking of geolocation (using Global Positioning System (GPS)), monitoring, and far-off data acquisition in a real-time. The scope of the data in the secure distributed ledger database (using blockchain) developed are identification (ID) of the tanker operator, Depot name, Source station ID, Destination station ID, Petroleum product volume, Transporter ID, and Geographic automobiles location. This system proved to be efficient, secure, and easy to maintain as it does not permit any individual for records tampering, but supports agreement of ~75% of participants in the chain to make changes.

Suggested Citation

  • Lukman Adewale Ajao & James Agajo & Emmanuel Adewale Adedokun & Loveth Karngong, 2019. "Crypto Hash Algorithm-Based Blockchain Technology for Managing Decentralized Ledger Database in Oil and Gas Industry," J, MDPI, vol. 2(3), pages 1-26, August.
    • Handle: RePEc:gam:jjopen:v:2:y:2019:i:3:p:21-325:d:255945
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    Cited by:

    1. Pulkit Thakuriya & Sumeet Kaur & Vinaytosh Mishra, 2023. "Assessment of Blockchain Technology as Remedy to Counterfeit Drugs Problem in Pharmaceutical Supply Chain and Implementation Approach," SN Operations Research Forum, Springer, vol. 4(2), pages 1-16, June.

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