Title: Review of the research progress on the application of blockchain technology in the oil and gas industry

Authors: Shi Ding; Zhonghui Li; Arnaud Regis Kamgue Lenwoue; Yubo Li; Chuanfu Tang; Wentie Sun; Pengjie Hu; Wuchang Zhang

Addresses: Key Laboratory of Drilling and Production Engineering for Oil and Gas, Hubei Province, Wuhan 430100, China; School of Petroleum Engineering, National Engineering Research Center for Oil and Gas Drilling and Completion Technology, Yangtze University, Wuhan 430100, China ' Key Laboratory of Drilling and Production Engineering for Oil and Gas, Hubei Province, Wuhan 430100, China; School of Petroleum Engineering, National Engineering Research Center for Oil and Gas Drilling and Completion Technology, Yangtze University, Wuhan 430100, China ' Key Laboratory of Drilling and Production Engineering for Oil and Gas, Hubei Province, Wuhan 430100, China; School of Petroleum Engineering, National Engineering Research Center for Oil and Gas Drilling and Completion Technology, Yangtze University, Wuhan 430100, China ' Key Laboratory of Drilling and Production Engineering for Oil and Gas, Hubei Province, Wuhan 430100, China; School of Petroleum Engineering, National Engineering Research Center for Oil and Gas Drilling and Completion Technology, Yangtze University, Wuhan 430100, China ' Key Laboratory of Drilling and Production Engineering for Oil and Gas, Hubei Province, Wuhan 430100, China; School of Petroleum Engineering, National Engineering Research Center for Oil and Gas Drilling and Completion Technology, Yangtze University, Wuhan 430100, China ' Key Laboratory of Drilling and Production Engineering for Oil and Gas, Hubei Province, Wuhan 430100, China; School of Petroleum Engineering, National Engineering Research Center for Oil and Gas Drilling and Completion Technology, Yangtze University, Wuhan 430100, China ' Key Laboratory of Drilling and Production Engineering for Oil and Gas, Hubei Province, Wuhan 430100, China; School of Petroleum Engineering, National Engineering Research Center for Oil and Gas Drilling and Completion Technology, Yangtze University, Wuhan 430100, China ' Key Laboratory of Drilling and Production Engineering for Oil and Gas, Hubei Province, Wuhan 430100, China; School of Petroleum Engineering, National Engineering Research Center for Oil and Gas Drilling and Completion Technology, Yangtze University, Wuhan 430100, China

Abstract: Blockchain, as a distributed ledger technology is a decentralised, transparent and traceable technology. It has rapidly developed during the last decade and is widely used in many industries such as the oil and gas engineering. This study first describes the development, classification, characteristics and key technologies of the blockchain technology. Then, the application of blockchain and the challenges currently encountered during its implementation in the oil and gas industry are summarised. Finally, some feasible solutions are presented to overcome these challenges. The current work provides a deep insight of the main research progress of the application of blockchain technology in the oil and gas industry and is expected to enable the further development of this sector. [Received: May 18, 2023; Accepted: December 12, 2023]

Keywords: research progress; blockchain technology; oil and gas industry; application.

DOI: 10.1504/IJOGCT.2024.138692

International Journal of Oil, Gas and Coal Technology, 2024 Vol.35 No.4, pp.386 - 406

Received: 14 May 2023
Accepted: 12 Dec 2023
Published online: 24 May 2024 *

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