BLOCKCHAIN TECHNOLOGY

• About the Bulletin
• Blockchain Technology
• Petroleum Updates

About the Bulletin
This bulletin is written by students of the Centre for Oil and Gas Technology at IPS.
The content and views expressed in this document reflect only the opinion of the authors and not of the School.

BLOCKCHAIN TECHNOLOGY
There are emerging strides being made in industry  4.0.  As such, oil and gas industries are undergoing a transition, which is quite conspicuous considering the attention given to rebranding of identity.  Regardless,  oil and gas companies are in a deliberate search for data, transaction encryption measures to mitigate the risk associated with cyber theft. As a result, the need to secure oil field data, transactions and documents in a decentralized System using a technology often referred to as blockchain cannot be overemphasized. 

Blockchain is an immutable, decentralized, and shared system that facilitates the documentation, recording, transactions, and assets in a business network. As such, the utilization of blockchain technology can improve the activities of the petroleum industry in diverse ways.  Some of the benefits of this emerging technology are underlisted;

1. Digitization of transactions for improved security: Considering the fact that data, information, and transactions made on blockchain are highly encrypted, there are little or no threats of cyber thefts.
2. Transparency: As a decentralized system,  transactions made can be monitored by the public.
3. Improve efficiency: With digitization and innovation being encouraged in oil and gas operations,   we present to you the blockchain technology an industry  4.0  emerging technology that guarantees safety and security. 

 Petroleum Updates