Hydrocarbon Processing - April 2022 - 78

Digital Technology
challenges and risks, " IEEE, March 2019, online:
https://ieeexplore.ieee.org/document/8675726
11
European Commission, " Safety of offshore oil
and gas operations directive, " July 2014, online:
ec.europa.eu/energy/topics/energy-security/
offshore-oil-and-gas-safety/offshore-oil-and-gasoperations-directive_en
12
Lakhanpal,
V. and S. Robello, " Implementing blockchain
technology in oil and gas industry: A review, "
SPE Annual Technical Conference and Exhibition,
Dallas, Texas, September 2018.
13
Mire, S., " Blockchain in compliance: 6 possible
use cases, " DisruptorDaily.com, December 3, 2018,
online: https://www.disruptordaily.com/blockchain-use-cases-compliance/
14
FIG.
4. Data management made efficient for downstream processes using blockchain
technology.22
* Newer technology: A newer
technology may be inconvenient
for some people since they have
become comfortable with their
legacy systems. In this sense, the
change will have to be gradual and
implemented over time.23
* Scalability: To record millions
of transactions daily, it will take
massive infrastructure, which
comes at a cost. Companies
may not be willing to invest in a
relatively new technology that has
few use cases.23,24
* Regulation: Blockchain
technology has received a lot of
attention from governments around
the world as a form of innovation
that has the potential to pave the
way for future developments.
However, no official rules or
regulations have been established
for the technology. 24
Several U.S.
states (e.g., Colorado, Ohio and
Wyoming) are slowly beginning
to open their markets to this
technology.25
* Security: Since there are not
enough use cases to exploit, there
is a possibility of an unexpected
security loop. 23
take some time and effort to test
out the system and remove any
security threats the organization
might face.24
Takeaway. In this evolving industry, efforts
are continually made to improve
processes and to take environmental considerations
into account in the best way
possible. Blockchain technology is prov78
APRIL 2022 | HydrocarbonProcessing.com
As a result, it would
6
ing to be an invaluable tool in this regard,
as it builds compliance, transparency and
allows easy auditing to demonstrate increased
efficiency. Companies will benefit
from increased insight regarding their supply
chains and potential problems and will
be able to optimize their processes to be
as environmentally friendly as possible.
LITERATURE CITED
1
Anwar, H., " Blockchain in oil and gas industry, "
101 Blockchains, January 7, 2021, online:
https://101blockchains.com/blockchain-in-oiland-gas-industry/
2
Muzzy,
E., " Blockchain use cases for downstream oil
and gas, " ConsenSys, September 18, 2018, online:
https://media.consensys.net/blockchain-use-casesand-benefits-for-downstream-oil-gas-ac8de9da6dca
3
Digiconomist,
Index, " Digiconomist, online: https://digiconomist.
net/bitcoin-energy-consumption
4
Shell, " Blockchain, " online: https://www.shell.
com/energy-and-innovation/digitalisation/digitaltechnologies/blockchain.html
5
Natixis,
" Natixix, IBM and Trafigura introduce firstever
blockchain solution for U.S. crude oil market, "
March 28, 2017, online: https://natixis.groupebpce.
com/natixis/en/natixis-ibm-and-trafigura-introduce-first-ever-blockchain-solution-for-u-s-crudeoil-market-rep_95395
WorldOil.com,
" ADNOC has implemented IBM
blockchain technology to streamline daily transactions, "
World Oil, December 10, 2018, online:
https://www.worldoil.com/news/2018/12/10/
adnoc-has-implemented-ibm-blockchain-technology-to-streamline-daily-transactions
7
Black,
M., " Blockchain and a decentralized workforce, "
Corporate Compliance Insights, June 28,
2018, online: https://www.corporatecomplianceinsights.com/blockchain-decentralized-workforce/
8
Tech4Fresher,
" Blockchain technology explained, "
January 2, 2021, online: https://tech4fresher.com/
blockchain-technology-explained-with-infographics
9
Clark, N. and D. Vaccaro, " Blockchain in oil and
gas: Explore use cases and perspectives, " Deloitte,
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10
Lu,
H, et al., " Blockchain technology in the oil and
gas industry: A review of applications, opportunities,
19
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into the energy sector-from theory of
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blockchain, " Computer Science Review, 2020.
15
Scala blockchain, " Blockchain in energy sector, "
December 11, 2018, online: medium.com/@
scalablockchain/blockchain-in-energy-sectord18d6a1d3564
16
Shih,
J. S. and K. Palmer, " Could blockchain technology
improve water, wasterwater and solid waste
management in the oil and gas industry? " Resources.
org, March 22, 2019, online: www.resources.org/
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17
EnHelix
Blockchain, " Blockchain in logistics and
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logistics.php
18
Winnesota, " How blockchain is revolutionizing the
world of transportation and logistics, " online: www.
winnesota.com/blockchain
Isaac Instruments, " How blockchain could affect the
transportation industry, " August 28, 2018, online:
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20
" Bitcoin
Energy Consumption
Kerner, S. M., " Colonial Pipeline hack explained:
Everything you need to know, " WhatIs.com, July 7,
2021, online: www.whatis.techtarget.com/feature/
Colonial-Pipeline-hack-explained-Everything-youneed-to-know
Complete
literature cited available online at
www.HydrocarbonProcessing.com.
KAUSTUBH LATURKAR is an
Engineer at the Facility for
Rare Isotope Beams, Michigan
State University, which is a U.S.
Department of Energy project in
Michigan. He has more than 8 yr
of experience in the fields of
process engineering, refinery operations, utility
systems design and operation, with a special focus
on the design and commissioning of engineering
systems. He earned an MS degree in chemical
engineering from the University of Florida and
a BE degree in chemical engineering from
Panjab University, Chandigarh, India.
KASTURI LATURKAR is a
Validation Engineer for Validation
Associates LLC. She has more
than 3 yr of experience working
in commissioning, qualification
and validation of upstream and
downstream bioprocessing
equipment and critical utilities. She earned an
MS degree in chemical engineering from Syracuse
University and a BTech degree in chemical
engineering from Guru Gobind Singh Indraprastha
University, Delhi, India.

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Hydrocarbon Processing - April 2022

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