Oil & Gas is a complex global industry ecosystem composed of different actors and processes, involving a variety of activities, most of which are done in the traditional way: manually and disconnected. Thanks to its decentralized and secure nature, blockchain technology enables a better visibility and accounting system, speeding up transactions and information sharing, reconciling all different steps involved in the industry chain and creating trust among stakeholders.
The hydrocarbon volumes of a reservoir represent the main asset of the oil business. Proved reserves, the economic basis of a development project, are the volumes of oil and gas that can be produced economically, as of a given point in time, using existing technology. Fluid production reported daily is discounted from proved reserves and represents the remaining life of the reservoir and its ability to produce profitability. The process of measuring proved reserves is subject to a number of inherent inaccuracies due to the unreliability of the data, including frequency and duration of the test, identification, flow rate of each fluid, etc. Blockchain technology can provide a trustful accounting system to track with more precision and reliability proved reserves levels
In a chain of crude oil extraction and refining we have different actors, each with a precise task. Apart from the maintenance and other upkeep activities, most of the work is done by machines and IoT comes in handy to read and process the data coming from them -working as a link between the physical world and the digital one. By connecting IoT devices to Blockchain we can certify the data coming from them, obtaining an immutable proof of each process been executed. This, in turn, allows the automation of business processes using the IoT + Blockchain combination as oracles for smart contracts that will govern the value exchange among participants.
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