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Can the blockchain steer the course of oil and gas usage?

 960 640 Stuart O'Brien
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Blockchain is emerging as a technology that demands attention within the oil and gas sector, presenting novel approaches to service contracts, review pricing, and support the entirety of the transaction life cycle.

That’s according to analysts at GlobalData, which say the blockchain promises potential cost reductions and enhanced process efficiencies.

Moreover, it argues the advantages of blockchain in the oil and gas industry manifest through enhanced transparency, compliance, and data security.

GlobalData’s thematic report, “Blockchain in Oil and Gas,” provides an overview of the blockchain technology and its potential implications in oil and gas operations. It also highlights the role of major oil and gas companies, such as ADNOC, BP, Eni, Equinor, Repsol, and Shell in the development of blockchain to address their challenges.

Ravindra Puranik, Oil and Gas Analyst at GlobalData, said: “While the initial use focused on supply chain optimization, blockchain has evolved considerably in recent years to support transaction processing with smart contracts. Moreover, the establishment of consortiums has helped to standardize protocols and exchange best practices. With the maturation of the technology, its adoption is expected to expand, ushering in improved transparency, efficiency, and security in operations.”

Blockchain has a range of compelling applications within the oil and gas industry. It has the potential to accelerate digital transformation using sensors and cloud computing. The tokenization of physical assets has also emerged as a promising application.

Puranik continued: “Tokenization involves digitizing a tangible asset for managing big data or safeguarding sensitive information. It has the potential to streamline bureaucratic processes during the production, transportation of processing of a natural resource across various jurisdictions. A token can facilitate transparency in tracking the movement of natural resources throughout the developmental phases. This transparency not only highlights opportunities to minimize waste but also aids in identifying potential irregularities, thereby aiding the sector in fortifying its reputation at a time when it faces challenges from alternative energy sources.”

With the hype around blockchain subsiding, adoption is quietly increasing, focusing on practical benefits and efficiency gains rather than technological novelty. The realization that blockchain’s fit may not be universal, coupled with the importance of having a strong digital infrastructure in place, will continue to drive the trend toward meaningful implementation.

Puranik concluded: “As sensor technology reaches its peak within the industry amid rising adoption of the Internet of Things (IoT), blockchain facilitates the direct storage of transactions and accounting data on these devices. By linking assets directly to service contracts, blockchain significantly diminishes processing time and fundamentally alters contracting by providing secure collaboration. Although adoption is currently in its early stages, the potential of blockchain in the oil and gas sector is poised for substantial growth as companies recognize its full capabilities.”

Photo by Shubham Dhage on Unsplash

Ledger Origin to certify green energy on the blockchain

 960 640 Stuart O'Brien
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French blockchain security specialist Ledger has signed a partnership with Transatel to certify the authenticity and the origin of green energy.

Energy plants (solar plants, wind farms, etc.) need to measure the amount of electricity created through smart meters. Ledger Origin connects its own attesting device to smart meters to certify the genuineness of the green energy origin.

This amount is then transformed into tokens which are securely collected via Transatel’s IoT Connect solution and registered into an energy blockchain. The partners say research and development was a large part of the project, enabling verifiable traceability of green energy worldwide, through green certificates issuance for national registries and energy exchanges.

Pascal Gauthier, CEO of Ledger, said: “We deeply believe there is a strong demand for the digitalization and tokenization of physical critical assets. This is why we decided to create Ledger Origin, our new business unit dedicated to industrial players such as utility companies. Our blockchain and security expertise is a way to solve one of the most important challenges of the future for      industries: certifying the origin of digitized physical critical assets.”

Jacques Bonifay, Transatel CEO, added: “Transatel is honoured to be signing an agreement with a leader in blockchain, because blockchain will be one of the key technologies to secure IoT transactions.”

US DOE backs blockchain energy management initiative

 960 640 Stuart O'Brien
By:

The US Department of Energy’s (DOE) Office of Science has awarded a $1.05 million grant to energy company ComEd, the University of Denver, Virginia Tech and software specialist BEM Controls to create an energy internet that will ‘enhance building energy management and benefits to occupants’.

The award provides funding to commercialise a blockchain-based transactive energy platform developed by BEM Controls.

Blockchains use multiple servers that operate like decentralized record-keeping and verification systems. They are seen as a promising solution for energy companies bringing more distributed energy resources (DER) onto their systems and creating marketplaces offering an array of Internet of Things (IoT) devices and innovative energy services.

The BEM Controls software incorporates time-based energy management and control of interior spaces in buildings to achieve greater energy efficiency, reliability and resiliency. ComEd will use its Grid of the Future Lab to demonstrate the functionality of the system, which will be developed over three years.

“Energy management technology has the potential to make a very positive impact on the environments in which we live and work,” said Terry Donnelly, president and COO, ComEd. “ComEd’s Grid of the Future lab will play an important role in advancing the science in this field and support our efforts to deliver a premier customer experience.”

“The growing proliferation of distributed energy resources calls for advanced management frameworks that support peer-to-peer communications while being fast, scalable and secure,” said Dr. Amin Khodaei, Chairman of the Electrical and Computer Engineering Department at University of Denver. “Now is the time to develop and demonstrate the technologies that can make a more sustainable and resilient future possible.”

While in early stages of development, interactive energy platforms are gaining attention for their potential to manage volatility caused by the growth of distributed energy resources. BEM Controls says it selected blockchain to support its open architecture due to its recognised ability to ensure security for a broad range of transactions.

The Virginia Tech team is led by Prof. Saifur Rahman, founding director of the Virginia Tech Advanced Research Institute, IEEE fellow and president of the IEEE Power and Energy Society.

Image by xresch from Pixabay