Blockchain: New Hope of Oil and Gas Industry?

OPEC is set to cash in on the latest technological advances and today’s headway in cryptographically linked blocks of information - the so-called blockchain.

Cutting edge digital technologies and data analysis instruments, including blockchain and so-called “big data”, are set to play a pivotal role in the further development of the oil and natural gas industry, the Organisation of Petroleum Exporting Countries predicted in a statement posted on its official website.

The document goes on to state that in view of the complexity of oil and gas production as well as the multi-stage delivery to customers, there has arisen an urgent need for high technology to be used in the field.

According to OPEC, each refinery is a constant generator of massive chunks of information, with sensors continuously providing data on technological parameters such as pressure, temperature, etc., while also reporting on staffers’ operations and energy consumption at the plant.

The bloc also notes that before the advent of the Internet, it was largely impossible to properly and duly process such massive bulks of data, while now the issue has been resolved, with hopes being that blockchain will facilitate the process still further.

For instance, marking blockchain-based data is expected to structuralise the flows of information and verify the latter, while big data technology opens up plenty of opportunities for a more detailed analysis of ongoing processes and revealing the hidden trends.  

In March, Saudi Aramco’s Chief Technology Officer Ahmad Khowaiter shared that they are currently testing distributed ledger technology, commonly referred to as blockchain, to use it in tracking quality in the oil and gas industry.

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