The Role of Blockchain Technology in Oil Supply Chain Management Companies and Their Traceability

الملخص

There are many parts to the supply chain in the oil and gas sector, including searching, producing, moving, processing and getting the resources to users. Such complexity usually leads to difficulties that include data being hard to see, inefficiency, fraud risk and problems meeting regulations. Using blockchain technology which keeps data secure, public and permanently recorded, has become key to boosting supply chain operations in this field. The study looks at how blockchain helps increase the transparency, traceability and efficiency of operations in the oil industry. Using surveys, interviews and case studies, the authors of the research consider what is happening within the company as well as in the wider environment when studying blockchain implementation. It is clear from the results that blockchain assists in faster transactions, increases data accuracy and restores trust between participants. Using smart contracts, companies can automate certain operations, bypass intermediaries and keep everything up to date through constant audits. Relevant examples are from BP and pilot projects in Nigeria and Pakistan which highlight the usefulness and limitations of using blockchain. Nonetheless, mass adoption continues to be blocked by high setup charges, uncertainty in the laws and insufficient professionals with the skills needed. Still, the study found that blockchain is likely to help improve the oil supply chain by ensuring it is safer, more transparent and runs more efficiently. It suggests that blockchain should be introduced bit by bit, that important IT investments should be made and that all sides should cooperate for its most effective use. These results open the door for other studies on how blockchain might be used more broadly, work with older systems and impact the economy and the environment for years to come.