An Integrated Management of Change Program (MOC) for Oil and Gas Industry through Blockchain Technology and Smart Contracts.

Abstract

Abstract New Technologies (blockchain, autonomous cars, artificial intelligence, and the internet of things) are revolutionizing industries such as finance, banking and transportation by improving efficiency and effectiveness in these businesses around the world. However, not much work is done on applying these technologies in the oil and gas industry. So, a tremendous opportunity exists to leverage these new technologies for possible applications in oil and gas. This paper explores the application of blockchain and smart contracts in managing an effective Management of Change (MOC) program and integrating it with operations to process real-time changes leading to faster and safer decision making. The paper is divided into two sections; the first provides an overview of the technology, and the second focuses on integrating smart contracts and blockchain technology to leverage the MOC program. This paper could be used to roll out new and improve existing MOC programs. The application of emerging technologies such as distributed ledger and smart contracts are still at the rudimentary level for oil and gas with few applications around trading and logistics. This paper unlocks the possible application in managing changes in the oil and gas, which will provide a solid platform for future innovations. The oil and gas industry are moving at a faster pace to achieve the next level of efficiency and effectiveness for sustainable growth, the key will remain in the early adoption of these emerging technologies for safer operation. The application mentioned in this paper will provide a company with an additional competitive advantage as they could effectively manage their data to make faster decisions; and achieve higher efficiency and safer operations simultaneously.