Review of the research progress on the application of blockchain technology in the oil and gas industry

Abstract

Blockchain, as a distributed ledger technology is a decentralised, transparent and traceable technology. It has rapidly developed during the last decade and is widely used in many industries such as the oil and gas engineering. This study first describes the development, classification, characteristics and key technologies of the blockchain technology. Then, the application of blockchain and the challenges currently encountered during its implementation in the oil and gas industry are summarised. Finally, some feasible solutions are presented to overcome these challenges. The current work provides a deep insight of the main research progress of the application of blockchain technology in the oil and gas industry and is expected to enable the further development of this sector. [Received: May 18, 2023; Accepted: December 12, 2023]