Ikarus in oil and gas industry

Ledger technology assists in securing and simplifying oil and gas trading, shipment tracking, inventory control, documentation, billing and payments. It simplifies the unwieldy and complex oil and gas supply chain by providing transparency to the involved business processes.

Potential applications and opportunities for ledger technology in the oil and gas industry.

IoT sensor and Ikarus for Oil & Gas

Data Infrastructure & Network

Ledger technology is capable of accurately detecting gas pipeline leakage and preserving the integrity of the system. It can assist in verifying that the activities of the stakeholder organizations involved in pipeline monitoring and servicing are compliant with human safety laws. It can facilitate registration and verification of all on-field IoT-based sensing devices and aerial vehicles used to monitor the gas flow in the pipes to assure data reliability. As a result, the collected data will be highly trusted, verified, and reliable. Such data includes temperature, gas and oil pressure, and gas flow rate inside the oil and gas pipelines.

Smart Contract

Smart contracts are developed to assist oil and gas companies in processing pipeline data to identify the gas leakage location precisely.

Through DAG-logic-based smart contracts, notifications can be immediately generated and sent to the pipeline operators to identify any leakage issues, along with sharing the location and identifier of the leaking pipeline for appropriate servicing. The following information then can be transparently recorded on the platform.

This data can be used by a performance smart contract to reward off-shore service-providing organizations. For instance, companies can provide incentives to workers based on the number of hours worked per day while servicing a leaking gas pipeline.

Real-time on Network

The network of gas and oil pipelines enables the transportation of hydrocarbon fluids over large distances. Pipelines are kept safe due to the environmental risks caused by potential surface leakages and damage. The real-time monitoring of pipelines along with notification of any possible theft, intervention, or leakages can assist in avoiding such incidents.

Sensory data

Such information can assist in timely detection and location of the leakage or even predict the occurence of leakages based on the recorded data (such as the current condition and total pipeline lifespan). The sensors are often attached to the pipelines to collect the pipe state data. The most commonly used pipeline monitoring techniques and sensors for leakage detection include pressure point analysis, infrared thermography, acoustic emission, ground penetration radar, and fiber optic sensor. The existing pipeline monitoring and leak detection methods have followed centralized-based architectures for storing and processing on-field sensor data, affecting the reliability, availability, and security of the data.

Oil & Gas track and trace

Track and trace

Through the tracking feature, the current location of oil and gas products, shipment state, and transportation routes can be monitored, verified, and revised. The tracing feature enables participants to identify, verify, monitor, record, and effectively manage the data about the users’ operations and outcomes of oil and gas-based product shipment.

The important data about oil and gas shipment processes includes credentials about shipment handlers, updates about shipment state and status, precise geo-location of tankers, estimated truck arrival time at the destination station, and congestion rate estimation on the routes.

Tracking and Smart contract

Decentralization makes the data in the network unmodifiable by external events. During the shipment of products, all updates and changes (With GPS tracker or sensors) in ownership are immediately recorded in the network as these products cross the organization’s borders. Such records can be used to establish the data origin of oil and gas-based products and identify possible forgeries. Moreover, based on the analysis of such data, smart contracts can be proposed to assist the stakeholders in updating the reputation score of the oil producers by analyzing the quality of supplied products.

How will you benefit?

The benefits of using our network are many and varied in nature. Still, the main one is using an automated system that reduces the human factor in activities where data collection and greater efficiency are required.

Increased efficiency
Process automation
Different sources for data
Reduced costs
Transparent communication
Improved services