Ikarus in oil and gas industry

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

Oil and Gas application
Oil and Gas application

Potential applications and opportunities for blockchain in the oil and gas industry.

IoT sensor and Ikarus for Oil & Gas

Data Infrastructure & Blockchain

Blockchain technology is capable of accurately detecting gas pipeline leakage and preserving the integrity of the pipelines. It can assist in verifying that the activities of the stakeholder organizations involved in pipeline monitoring, leakage detection, and servicing are compliant with human safety laws. It can assist in registering and verifying all on-field IoT-based sensing devices and aerial vehicles used to monitor the gas flow inside the pipeline to assure data reliability. As a result, the collected data by such sensors about the hydrocarbon fluids and pipelines 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 such data to identify the gas leakage location in a pipeline precisely.

Through blockchain-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. Also, the services provided by the pipeline operators to the leaking pipes, along with the cause of pipeline leakage, can be transparently recorded on the blockchain platform. Such data can be used by a performance smart contract to reward off-shore service-providing organizations. For instance, oil and gas 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 in the world. Pipelines are kept safe because surface leakage or damage can cause serious ecological disasters and human casualties. The real-time monitoring of pipelines along with notification triggering any theft, intervention, or leakage of the pipeline can assist in avoiding such incidents.

Data from sensor

Such information can assist in timely detecting and locating the leakage of gas or even predict the gas leakage based on the recorded data, such as the current condition and total pipeline lifespan. The sensors are often attached to gas pipelines to collect the pipeline's 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. Thus, it can affect the reliability, availability, and security of the data that is used for pipeline leakage detection, prediction, management, and lifespan estimation

Track and Trace Oil & Gas

Track and trace

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

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

Tracking and Smart contract

The decentralization characteristic of blockchain technology makes it unmodifiable by external events. During the shipment of oil and gas-based products, all updates and changes (With GPS tracker or sensors) in ownership are immediately recorded on the blockchain as these products cross the organization’s border. Such records can be used to establish the data provenance of oil and gas-based products and identify fraud related to oil and gas products. Also, 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 oil and gas-based products.

How will you benefit?

The benefits of using the blockchain 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