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Existing Oil and Gas Industry Issues

Existing Oil and Gas Industry Issues
What are existing oil and gas industry issues? More and more companies in this industry are turning to blockchain step by step to find effective ways to deal with numerous challenges. For example, there are supply management issues, high costs of holding internships, high equipment downtime, etc.
Blockchain has tools to tackle these issues. Mobile apps and data on fuel sales volumes may help enterprises optimize supplies between factories, tank farms, and gas stations. Implementing AR/VR technologies makes it possible to create educational simulators, while blockchain-based software analyzes the quality of equipment operation and the performance of repair work.

Why Do You Need Blockchain for the Oil and Gas Industry?

Why Do You Need Blockchain for the Oil and Gas Industry?
Blockchain technology allows companies from the oil and gas industry to solve financial, logistics, and trade issues. For instance, oil and gas companies have to deal with problems with cross-border transportation, high volume of transactions, complex document flow, the sensitivity of modern automation equipment, high level of competition in the industry, etc.
Blockchain provides modern tools that enable storing data on the shipment of petroleum products in a shared digital ledger, which serves as a single source of information for all supply chain participants. What’s more, blockchain eliminates the need for third parties, automates business processes, guarantees data integrity, helps monitor ecological indicators, and many more.

Top Blockchain Development Services for Oil and Gas

Digitalization of crude oil and gas transactions
We develop blockchain solutions that automate business processes, facilitate information flow between the parties, track each transaction, reduce operating costs and the frequency of transactional errors, etc.
Anti-counterfeiting systems
We build immutable blockchain-based solutions that enable decentralized, open, and permanent recording of data related to the origin of raw materials, equipment involved in their production, etc.
Traceability solutions
We develop blockchain-powered solutions that allow energy producers and distributors to establish end-to-end traceability, track shipment, and prove its safety in real time.
Supply chain transparency
We create blockchain-based solutions that enable the distributed storage of records, make them visible to all supply chain participants, and streamline business process management.
Document verification solutions
We develop blockchain solutions that constantly record supply chain history logs and provide verified certificates of origin across paper trails.
Smart contract-based tools
We build smart contracts to automate numerous business processes that usually need human participation, e.g., creating invoices for automated payments.
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Supply chain security solutions
We create blockchain-based solutions that protect all data from being tampered with by making any corruption attempt instantly visible to the entire network.
Blockchain consulting
Our blockchain consultants will help you understand how blockchain can benefit your oil and gas company and offer you the best solutions tailored to your specific needs.
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Enterprise blockchain consulting
Learn how your enterprise may utilize blockchain and automate business processes, along with introducing reliability, transparency, and trust to the entire organization.
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Crypto-backed oil and gas
We can tokenize oil and natural gas so that you could transfer value directly with other parties without third-party involvement. Succeed in STO and invest in crypto securely, transparently, and complying with the laws.

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Benefits of Blockchain in Oil and Gas

Intelligence service
Intelligence service
Computer hydrodynamic models of the field help geologists analyze possible mineral reserves, visualize the spatial interactions between geological objects, and make decisions about drilling a well more efficiently.
Extraction
Extraction
Split-screen systems enable real-time visualization of current indicators, common work on documents, and holding video conferences with working groups to maximize the valuable use of existing wells.
Transportation
Transportation
Modular multi-screen systems are adapted for nonstop operation with redundancy of the main units, which makes it possible to monitor large amounts of data on the health of oil and gas infrastructure safely.
Recycling
Recycling
Process equipment crashes may cause serious threats to the environment, business, and personnel. Systems of displaying information may predict the development of the situation and reduce the response time.
Storage
Storage
Technical visualization tools are widely used to ensure safety by monitoring all technological processes 24/7, managing access to oil and gas storages, and enabling video surveillance.
Sale
Sale
Blockchain allows you to find more creative ways to attract public attention to your business. Thus, you may use audiovisual solutions to present information about the company’s corporate values, activities, and performance in an innovative way.

Use Cases for Oil and Gas

Drilling and completions
Drilling and completions
Blockchain offers solutions that improve drilling execution, completion execution, and well design. Thus, oil and gas companies may manage data collection in real time in the drilling process, facilitate faster drilling, and improve decision-making.
Gathering and transportation
Gathering and transportation
Blockchain provides tools that allow operators to forecast demand, price, and product flow, make better long-term capital decisions on product supply-demand inequalities, and upgrade planning and routing.
Exploration
Exploration
With blockchain-powered solutions, operators may reduce geologic risks, better understand their reservoir, improve acquisition strategies, and make better exploration decisions.
Corporate and back-office
Corporate and back-office
Operators may use blockchain tools to foresee commodity prices and improve risk management, marketing, and capital project planning. Such tools may also automate vendor invoice analysis to find errors and reduce costs.
Production
Production
Blockchain offers solutions that allow operators to optimize pressure, flow rates, and numerous other variables for lifetime well production. Blockchain solutions enable the detection of anomalies to understand all possible issues before they affect production.
Refining and processing maintenance
Refining and processing maintenance
Blockchain provides tools that cut total shutdown costs and strengthen equipment reliability. Operators may also use such solutions to plan shutdowns at refineries, evaluate the failure risks for key equipment during maintenance shutdowns, etc.
Commodity trading
Commodity trading
Blockchain allows commodity traders to enhance access to data, increase the speed of exchange, and improve auditability and reliability. With blockchain, they can trade directly with retail energy suppliers or consumers.
Regulatory compliance
Regulatory compliance
Blockchain allows oil and gas companies to easily comply with many stringent rules. Blockchain stores all the transactional data in the network and makes it accessible in real time to all network participants, including regulatory authorities.
Land record management
Land record management
Blockchain allows oil and gas enterprises to create immutable records of land ownership, transfer, and value, store such critical data safely, and prevent it from being tampered with.
Wells and equipment maintenance
Wells and equipment maintenance
Blockchain-based systems offer oil and gas companies effective and cost-efficient tools for ensuring timely equipment maintenance, dealing with risks, and preventing future accidents.
Waste management & recycling
Waste management & recycling
Blockchain-based solutions help oil and gas companies optimize waste products, promote recycling, improve daily waste management, and align their goals with the stakeholders.

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FAQ

What is blockchain development for oil and gas?
Blockchain is a decentralized digital ledger, which means the ledger exists on multiple computers at the same time. It is a chain of blocks that keeps data records with a unique hash value. It protects records from fraud, tampering, and hacker attacks. Developing applications for the oil and gas industry using blockchain technology is called blockchain development for oil and gas.
How does blockchain influence the oil and gas industry?
Blockchain increases transparency, helps reach environmental sustainability, and does not compromise privacy. In addition to this, blockchain technology allows oil and gas companies to reduce costs related to labor, data management and visibility, the maintenance of diverse trading systems, settlement delays, inter-system communication, etc.
Where to apply blockchain in oil and gas?
Blockchain technology may be helpful in such aspects as cybersecurity, trading, management, and decision-making as blockchain provides access to real-time data, makes data exchange more efficient, protects records from attacks, automates payments, and beyond.
How much does it cost to develop a blockchain solution for oil and gas?
There is no standard method of calculation for estimating the price of blockchain development for the oil and gas industry. The final price is calculated individually as it depends on multiple factors. They are the solution’s type and complexity, the feature set, the number of stakeholders interacting with the application or platform, the hourly rates of blockchain developers, and many more.
What languages do you use when developing blockchain solutions for oil and gas?
We use C#, C++, Go, Java, JavaScript, .NET, Python, Rust, Solidity, and other reliable technology.

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