2020, Vol. 7, No. 2. - go to content...

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DOI: 10.15862/06ECOR220 (https://doi.org/10.15862/06ECOR220)

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Azieva R.H. Blockchain technology as a key element in the development of the oil and gas industry. Russian journal of resources, conservation and recycling. 2020; 7(2). Available at: https://resources.today/PDF/06ECOR220.pdf (in Russian). DOI: 10.15862/06ECOR220

Blockchain technology as a key element in the development of the oil and gas industry

Azieva Raisa Husainovna
Grozny state oil technical university named after academician M.D. Millionshchikova, Grozny, Russia
E-mail: raisaazieva@list.ru

Abstract. New breakthrough technologies can have a positive or negative impact on the development of the fuel and energy sector. Therefore, the main thing is to evaluate technologies, analyze their suitability for the industry and determine priorities for future opportunities, i.e., identify technologies that provide new advantages for the energy world, and determine how, when and how their impact will become tangible.

In this regard, researchers have determined that the innovative technology of the XXI century, recognized to transform the national and global economy is the blockchain technology.

The article provides an overview of blockchain technology, defines the principles of its operation and possible applications, i.e., identifies the mechanism of action of the revolutionary system, as well as presents the players of the oil and gas industry to launch blockchain technology and identifies the advantages of innovative technology used in the oil and gas sector. It is determined that on the basis of the new technology, it is possible to create a single network for digitizing all interaction processes and automating them. The study also shows that the scope of application of blockchain in the oil and gas business is much broader, which determines the possibility of further consideration of a wide range of the need for the use of blockchain technology for the oil and gas industry, as well as its impact on the development of oil and gas companies.

Keywords: blockchain; oil and gas industry; digital technologies; innovations; petrotraders; industrial complexes

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