ASSESSING PROFITABILITY AND CAPABILITIES OF BLOCKCHAIN TECHNOLOGY FOR AUTOMATING WORKFLOW IN THE OIL AND GAS INDUSTRY

This paper examines assessing the effectiveness of the implementation of blockchain technology, the principles of its operation, and the possibility of applying for the oil and gas industry. The main purpose of integrating blockchain technology is to improve enterprise profitability, reduce labor intensity of the technological process, increase the reliability and security of transactions, and automate logistics processes and information security in general. A web application with a distributed database of secure blockchains using the SHA-1 cryptographic hashing algorithm has been developed for decentralized management of the distribution of petroleum products. The structure of the blockchain methodology consists of regulatory, registration, transport nodes and points of the tank farm, which represent an automated decentralized network. It has been shown that a secure database reflects sufficiently accurate data on the movement of a vehicle with raw materials, which can be tracked by any registered user on the network. Evaluations of the effectiveness of this application showed that the average response time for a request takes 1.5 seconds and the performance is above 86 %. It is shown that the implementation of blockchain in the oil and gas industry promises a 38 % decrease in time spent on document flow and a 23 % improvement in trade, as well as logistics (32 %) and information security of the company (42 %).

Authors: D. A. Baybarov

Direction: Informatics, Computer Technologies And Control

Keywords: Blockchain, financial approach, differential multi-sectoral approach, safety indicator, transaction speed and reliability

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