Smart Safety Management Systems: Leveraging Blockchain Technology for an Effective Safety System in Oil and Gas Industry

Abstract

Abstract In last decade the oil and gas industry gradually adopted new innovative technologies and began shifting towards intelligence and digitalization. Emerging Technologies such as the autonomous car, Blockchain and the Internet of Things are playing a more vital role in improving efficiency and effectiveness in many businesses around the globe. Presently blockchain technology applications are more focused around financial and data security sectors. There exists a tremendous opportunity to leverage blockchain technology and explore possible applications in oil and gas. This paper focuses on blockchain technology and answers three basic questions (why, what and how) related to application of blockchain technology and use of distributed ledgers to leverage safety management systems. The novel methodology mentioned in this paper could be used extensively to develop consistent company best practices thereby improving health and safety performance in oil and gas and other related sectors. In addition to the increased efficiency, the Safety Management System section provides a company with an effective tool for designing, developing and implementing a safety management program that helps to be in compliance with regulation. Additionally, it will provide a basis for safe process operation, production and facility equipment reliabality.