Part I
By Ikechukwu Stephen Nwamordi MBA, MSc, COREN, EIT, MNSE
Abstract
The integration of blockchain technology into natural gas projects heralds a transformative era in the energy sector, promising efficiency, transparency, and innovation across the entire value chain. This paper explores the convergence of natural gas operations and blockchain technology, elucidating the potential applications and benefits of blockchain in optimizing extraction, distribution, and trading processes. Through real-world case studies and industry initiatives, we showcase how blockchain can streamline operations, reduce costs, and enhance regulatory compliance in natural gas projects. Despite challenges such as scalability, interoperability, and regulatory uncertainty, the future outlook for blockchain in the natural gas industry is promising. By fostering collaboration, innovation, and regulatory alignment, stakeholders can unlock the full potential of blockchain to revolutionize the energy sector and pave the way for a more sustainable and resilient future.
Introduction
The energy sector stands at a crossroads, grappling with the dual imperatives of meeting growing energy demand while transitioning towards a more sustainable and efficient future. Natural gas, hailed as a bridge fuel to a low-carbon economy, occupies a pivotal position in this transition, offering a cleaner alternative to traditional fossil fuels. However, the commercialization of natural gas projects has long been fraught with challenges ranging from complex supply chains to regulatory hurdles and inefficiencies inherent in legacy systems.
Amidst these challenges, blockchain technology emerges as a disruptive force poised to reshape the landscape of natural gas operations. Born out of the innovation behind cryptocurrencies like Bitcoin, blockchain represents a paradigm shift in how transactions and data are recorded, verified, and secured. Its decentralized, immutable ledger offers unprecedented transparency, security, and efficiency, making it an ideal candidate for revolutionizing the energy sector.
In this paper, we delve into the convergence of natural gas projects and blockchain technology, exploring the transformative potential of blockchain in optimizing operations, mitigating risks, and unlocking new opportunities across the natural gas value chain. By providing a comprehensive overview of blockchain’s applications in natural gas extraction, distribution, and trading, we aim to elucidate the myriad ways in which blockchain can drive innovation, sustainability, and resilience in the global energy market.
The integration of blockchain into natural gas projects holds the promise of streamlining processes, enhancing transparency, and fostering trust among stakeholders. From the upstream sector, where blockchain can revolutionize the tracking and verification of natural gas reserves, to the downstream segment, where blockchain-powered trading platforms offer peer-to-peer transactions and instant settlement mechanisms, the potential applications of blockchain are vast and multifaceted.
Through real-world case studies, pilot projects, and industry initiatives, we showcase the tangible benefits of blockchain in optimizing natural gas operations, reducing costs, and enhancing regulatory compliance. However, we also acknowledge the challenges and barriers hindering widespread blockchain adoption, including scalability, interoperability, and regulatory uncertainty. By addressing these challenges head-on and charting a roadmap for collaboration, standardization, and regulatory alignment, we envision a future where blockchain technology catalyzes the transformation of the natural gas industry, driving sustainability, resilience, and prosperity in the energy sector.
Blockchain in Natural Gas Extraction
The upstream sector of natural gas extraction is characterized by complex processes involving exploration, drilling, production, and regulatory compliance. Blockchain technology offers a suite of solutions to streamline these operations, enhance transparency, and mitigate risks associated with data manipulation and fraud.
One of the key challenges in natural gas extraction is the accurate tracking and verification of reserves. Blockchain technology addresses this challenge by providing a tamper-proof ledger where critical data such as reserve estimations, production rates, and well integrity information can be securely recorded and accessed by relevant stakeholders. Through the implementation of smart contracts, agreements between exploration and production companies, landowners, and regulatory bodies can be automated, ensuring compliance with contractual obligations and regulatory requirements.
Moreover, blockchain enhances transparency and trust in the natural gas extraction process by providing an immutable record of activities. Every transaction, from drilling operations to environmental impact assessments, is recorded on the blockchain, creating a transparent audit trail that can be accessed by regulators, investors, and other stakeholders. This transparency not only reduces the risk of data manipulation and fraud but also fosters greater accountability among industry players.
Furthermore, blockchain technology can facilitate the integration of IoT devices and sensors into natural gas extraction operations, enabling real-time monitoring and management of critical assets. By connecting these devices to the blockchain network, data such as well pressure, temperature, and flow rates can be securely recorded and analyzed, allowing operators to optimize production processes, prevent equipment failures, and minimize environmental risks.
In addition to enhancing operational efficiency, blockchain technology also has the potential to revolutionize the management of land and mineral rights in natural gas extraction. By digitizing land ownership records and automating royalty payments through smart contracts, blockchain streamlines the process of leasing land for exploration and production activities. This not only reduces administrative overheads but also ensures fair and transparent compensation for landowners.
Blockchain in Natural Gas Distribution
In the midstream sector of natural gas distribution, blockchain technology offers a transformative solution to the challenges inherent in managing complex transportation and storage networks. By digitizing asset ownership records, automating asset transfer processes, and enabling real-time monitoring of gas flow and quality, blockchain enhances efficiency, transparency, and security in the distribution of natural gas.
One of the primary advantages of blockchain in natural gas distribution is its ability to streamline asset management and transfer processes. Traditionally, the transfer of ownership and control of natural gas assets, such as pipelines and storage facilities, involves cumbersome paperwork and administrative overheads. With blockchain, these processes can be digitized and automated through smart contracts, which execute predefined agreements between parties once certain conditions are met. This not only reduces the risk of errors and delays but also enhances the transparency and auditability of asset transfers.
Furthermore, blockchain technology facilitates the integration of IoT devices and sensors into natural gas distribution infrastructure, enabling real-time monitoring and management of critical assets. By connecting these devices to the blockchain network, data such as gas flow rates, pressure levels, and temperature readings can be securely recorded and analyzed. This enables operators to detect anomalies, optimize asset utilization, and prevent potential safety hazards or equipment failures.
Blockchain also enhances transparency and trust in natural gas distribution by providing an immutable record of asset ownership, maintenance activities, and regulatory compliance. Every transaction, maintenance event, or regulatory inspection is recorded on the blockchain, creating a transparent audit trail that can be accessed by regulators, operators, and other stakeholders. This transparency not only reduces the risk of fraud and data manipulation but also fosters greater accountability and trust among industry players.
Moreover, blockchain technology enables the creation of decentralized energy marketplaces where natural gas producers, distributors, and consumers can interact directly without the need for intermediaries. By tokenizing natural gas assets and enabling peer-to-peer transactions, blockchain-powered trading platforms offer transparent pricing mechanisms, instant settlement, and greater market liquidity. This not only reduces transaction costs but also creates new opportunities for market participants to optimize their energy portfolios and hedge against price volatility.
Blockchain in Natural Gas Trading
The downstream sector of natural gas trading is undergoing a profound transformation fueled by the adoption of blockchain technology. Traditionally characterized by complex intermediaries, opaque pricing mechanisms, and high transaction costs, the trading of natural gas commodities is ripe for disruption. Blockchain offers a decentralized, transparent, and efficient solution to these challenges, revolutionizing the way natural gas is bought, sold, and traded in global energy markets.
One of the primary advantages of blockchain in natural gas trading is its ability to eliminate intermediaries and facilitate peer-to-peer transactions. By tokenizing natural gas assets and enabling direct transactions between buyers and sellers, blockchain-powered trading platforms bypass traditional brokerage firms and exchanges, reducing transaction costs and eliminating counterparty risks. This not only increases market efficiency but also fosters greater liquidity and price discovery in natural gas markets.
Moreover, blockchain technology provides transparent pricing mechanisms and instant settlement, enhancing trust and efficiency in natural gas trading. Smart contracts, powered by blockchain, automatically execute transactions based on predefined criteria, such as price thresholds or delivery schedules. This eliminates the need for manual intervention and reduces the risk of errors or disputes, leading to faster settlement times and greater certainty for market participants.
Blockchain also enables greater transparency and traceability in natural gas trading by providing an immutable record of transactions on a distributed ledger. Every trade, from the negotiation of contracts to the delivery of gas, is recorded on the blockchain, creating a transparent audit trail that can be accessed by regulators, buyers, and sellers. This transparency not only reduces the risk of fraud and market manipulation but also enhances regulatory compliance and accountability in energy markets.
Furthermore, blockchain technology enables the fractional ownership and trading of natural gas assets, unlocking new opportunities for investors and market participants. Through the tokenization of natural gas reserves, investors can purchase ownership stakes in specific gas fields or production facilities, enabling them to diversify their portfolios and access previously inaccessible investment opportunities. This democratization of energy assets fosters greater market participation and liquidity, driving innovation and efficiency in natural gas markets.
The integration of blockchain technology into natural gas trading operations holds immense potential to transform the industry. By enhancing transparency, efficiency, and liquidity, blockchain enables market participants to optimize their energy portfolios, reduce transaction costs, and mitigate risks in a rapidly evolving energy landscape.
Practical Case Studies and their commercialization
Energy Web Foundation (EWF)
Description:
The Energy Web Foundation (EWF) is a global nonprofit organization focused on accelerating the adoption of blockchain technology in the energy sector. Founded in 2017, EWF aims to develop open-source blockchain platforms and standards tailored for the unique needs of the energy industry. Central to EWF’s mission is the Energy Web Chain, a blockchain platform specifically designed to support decentralized energy applications.
Implementation:
EWF has partnered with a diverse range of energy companies, technology firms, and regulatory bodies to pilot blockchain applications in various segments of the energy value chain, including natural gas projects. Through collaborative research and development efforts, EWF has explored the potential of blockchain technology to optimize operations, enhance transparency, and drive innovation in natural gas extraction, distribution, and trading.
One notable implementation of EWF’s blockchain technology in natural gas projects is the digitization of asset ownership and transfer records. By leveraging the Energy Web Chain, energy companies can securely record and manage ownership rights to natural gas reserves, pipelines, and storage facilities on a decentralized ledger. Smart contracts, powered by blockchain, automate the transfer of asset ownership based on predefined conditions, such as lease agreements or asset sales.
Additionally, EWF has facilitated the integration of IoT devices and sensors into natural gas infrastructure, enabling real-time monitoring and management of critical assets. By connecting these devices to the Energy Web Chain, data such as gas flow rates, pressure levels, and environmental parameters can be securely recorded and analyzed. This allows operators to optimize asset utilization, prevent equipment failures, and ensure compliance with regulatory requirements.
Furthermore, EWF has collaborated with energy market participants to develop blockchain-based trading platforms for natural gas commodities. These platforms leverage the Energy Web Chain to enable peer-to-peer trading, transparent pricing mechanisms, and instant settlement through smart contracts. By tokenizing natural gas assets and enabling fractional ownership, EWF’s trading platforms democratize access to energy investments and foster greater liquidity in natural gas markets.
VAKT Global
Description:
VAKT Global is a consortium of leading energy companies that have come together to leverage blockchain technology for digitizing and streamlining energy trading and supply chain management processes. Founded in 2017, VAKT Global aims to revolutionize the energy trading industry by reducing administrative burdens, enhancing transparency, and facilitating more efficient transactions through blockchain.
Implementation:
VAKT Global has implemented blockchain-based trading platforms for various energy commodities, including natural gas. These platforms leverage blockchain technology to create a secure, transparent, and decentralized environment for energy trading, enabling peer-to-peer transactions and instant settlement.
In the context of natural gas trading, VAKT Global’s platform digitizes the entire trading process, from contract negotiation to settlement. Smart contracts, powered by blockchain, automate the execution of trade agreements based on predefined conditions, such as pricing, delivery terms, and quality specifications. This eliminates the need for intermediaries and reduces the risk of errors or disputes, leading to faster and more efficient transactions.
VAKT Global’s blockchain platform also provides transparent pricing mechanisms, allowing market participants to view real-time market data and pricing information. This transparency fosters trust and liquidity in natural gas markets, enabling buyers and sellers to make more informed decisions and optimize their trading strategies.
Moreover, VAKT Global’s platform enables instant settlement of trades through blockchain technology. Once the conditions of a trade are met, payment is automatically transferred from the buyer’s account to the seller’s account using digital tokens or fiat currency. This eliminates the need for manual reconciliation and reduces settlement times from days to seconds, enhancing liquidity and reducing counterparty risks.
Additionally, VAKT Global’s blockchain platform provides a secure and immutable record of all transactions on a distributed ledger. Every trade, from the initiation of a contract to the delivery of natural gas, is recorded on the blockchain, creating a transparent audit trail that can be accessed by regulators, auditors, and market participants. This transparency enhances regulatory compliance and accountability in natural gas trading, reducing the risk of fraud and market manipulation.
Shell’s Blockchain Pilot
Description:
Shell, one of the world’s largest energy companies, has been actively exploring the potential of blockchain technology to optimize various aspects of its operations. In line with its commitment to innovation and sustainability, Shell initiated a blockchain pilot project to streamline its liquefied natural gas (LNG) trading operations.
Implementation:
Shell’s blockchain pilot project focused on digitizing and automating key processes involved in LNG trading, including contract negotiation, documentation, and settlement. The aim was to reduce administrative burdens, enhance transparency, and accelerate transaction times in LNG trading.
One of the primary components of Shell’s blockchain pilot was the development of a blockchain-based trading platform for LNG cargoes. This platform leveraged blockchain technology to create a secure, transparent, and decentralized marketplace where buyers and sellers could interact directly, without the need for intermediaries.
Smart contracts, powered by blockchain, were used to automate the execution of trade agreements based on predefined conditions, such as pricing, quantity, and delivery terms. Once the conditions of a trade were met, the smart contract would automatically execute the transaction, facilitating instant settlement and reducing the risk of errors or disputes.
In addition to streamlining trading processes, Shell’s blockchain pilot also focused on digitizing trade documentation and compliance procedures. By digitizing trade documents such as bills of lading, certificates of origin, and quality inspection reports on the blockchain, Shell aimed to reduce paperwork and administrative overheads, while enhancing transparency and auditability.
Moreover, Shell’s blockchain pilot enabled real-time tracking and monitoring of LNG shipments using IoT devices and sensors integrated with blockchain technology. These devices recorded critical data such as temperature, pressure, and location of LNG cargoes, which was securely stored on the blockchain. This provided greater visibility and control over the supply chain, enabling Shell to optimize logistics operations and ensure the integrity and quality of LNG shipments.
Shell’s blockchain pilot project demonstrated the potential of blockchain technology in optimizing LNG trading operations. By providing transparency, efficiency, and security, blockchain enabled Shell to streamline processes, reduce costs, and mitigate risks in LNG trading.
BP’s Blockchain Initiative
Description:
BP, one of the world’s largest energy companies, has been at the forefront of exploring innovative technologies to improve efficiency and transparency in its operations. In line with this commitment, BP has embarked on several blockchain initiatives aimed at optimizing various aspects of its business, including natural gas operations.
Implementation:
One of BP’s blockchain initiatives focused on deploying blockchain-enabled IoT devices in its natural gas pipelines and storage facilities. These IoT devices are equipped with sensors that monitor critical parameters such as gas flow rates, pressure levels, and temperature readings. The data collected by these sensors is securely recorded and stored on a blockchain ledger, providing real-time visibility and control over BP’s natural gas infrastructure.
By leveraging blockchain technology, BP is able to enhance the efficiency and reliability of its natural gas operations. The transparent and immutable nature of blockchain ensures that data is securely recorded and tamper-proof, reducing the risk of errors or fraudulent activities. This allows BP to optimize its natural gas distribution network, identify potential issues or anomalies in real-time, and take proactive measures to prevent disruptions or safety hazards.
Furthermore, BP’s blockchain initiative enables seamless collaboration and data sharing among stakeholders in the natural gas supply chain. By providing a single source of truth for all parties involved, blockchain enhances transparency and trust, facilitating smoother interactions and transactions. This not only improves operational efficiency but also fosters greater collaboration and innovation within the industry.
Another aspect of BP’s blockchain initiative is the exploration of blockchain-based trading platforms for natural gas commodities. By digitizing and tokenizing natural gas assets on a blockchain ledger, BP aims to create a more transparent and efficient marketplace for buying and selling natural gas. Smart contracts enable automated trade execution and settlement, reducing administrative overheads and transaction costs.
BP’s blockchain initiative demonstrates the potential of blockchain technology to revolutionize the natural gas industry. By leveraging blockchain-enabled IoT devices, BP is able to enhance the efficiency, reliability, and transparency of its natural gas operations. Moreover, by exploring blockchain-based trading platforms, BP is paving the way for a more transparent and efficient marketplace for natural gas commodities.
Exergy
Description:
Exergy is a startup company focused on leveraging blockchain technology to democratize access to energy investments, including those in natural gas projects. Founded on the principle of tokenization, Exergy aims to fractionalize ownership of energy assets, making investment opportunities more accessible to a broader range of investors.
Implementation:
Exergy’s platform enables investors to purchase digital tokens representing ownership stakes in specific natural gas reserves, production facilities, or other energy assets. By tokenizing these assets on a blockchain ledger, Exergy enables fractional ownership, allowing investors to purchase as little or as much of an asset as they desire.
For natural gas projects, Exergy’s platform enables investors to participate in the ownership of natural gas reserves, production facilities, or even transportation infrastructure such as pipelines. Through digital tokens, investors gain exposure to the potential profits generated by these assets, including revenue from natural gas sales and dividends from ownership.
Exergy’s platform also facilitates the trading of these digital tokens, providing liquidity to investors and enabling them to buy, sell, or trade their ownership stakes in natural gas assets. By creating a secondary market for these tokens, Exergy enhances the liquidity and flexibility of energy investments, allowing investors to adjust their portfolios according to changing market conditions or investment preferences.
Moreover, Exergy’s platform provides transparency and security to investors by recording all transactions on a blockchain ledger. Every token transfer, ownership change, or dividend payout is securely recorded and stored on the blockchain, creating a transparent and auditable record of ownership. This enhances trust among investors and ensures the integrity of the investment process.
By democratizing access to energy investments, Exergy aims to unlock new sources of capital for natural gas projects, fostering innovation and growth in the industry. Moreover, by providing liquidity and flexibility to investors, Exergy’s platform enables greater participation in energy markets, driving efficiency and resilience in the global energy ecosystem.
Exergy’s implementation of blockchain technology in natural gas investments demonstrates the potential of tokenization. By fractionalizing ownership and enabling peer-to-peer trading of digital tokens, Exergy’s platform democratizes access to energy investments, unlocking new opportunities for investors and driving innovation in the natural gas industry.
Challenges and Future Outlook
While the integration of blockchain technology into natural gas projects holds immense promise, several challenges must be addressed to unlock its full potential and ensure widespread adoption across the industry.
- Scalability: One of the primary challenges facing blockchain technology is scalability. As the number of transactions processed on a blockchain network increases, so does the strain on network resources and computing power. Scaling blockchain networks to accommodate the volume of transactions required for large-scale natural gas projects remains a significant technical hurdle that must be overcome.
- Interoperability: Another challenge is interoperability, or the ability of different blockchain networks to communicate and share data seamlessly. In the context of natural gas projects, interoperability is essential for integrating blockchain solutions across the entire value chain, from extraction to distribution to trading. Standardization efforts and collaboration between blockchain developers are needed to address this challenge effectively.
- Regulatory Uncertainty: The regulatory landscape surrounding blockchain technology and its applications in the energy sector is still evolving. Uncertainty regarding regulatory compliance, data privacy, and cybersecurity poses a significant barrier to adoption for energy companies considering blockchain solutions. Clear and coherent regulatory frameworks tailored for blockchain applications in the natural gas industry are needed to provide certainty and facilitate widespread adoption.
- Education and Awareness: Many stakeholders in the natural gas industry may not fully understand the potential benefits of blockchain technology or how it can be applied to their operations. Educating stakeholders about the capabilities and limitations of blockchain, as well as providing practical examples and case studies, is essential for driving adoption and overcoming resistance to change.
- Cost and Investment: Implementing blockchain solutions requires significant upfront investment in technology infrastructure, talent, and training. Energy companies may be hesitant to invest in blockchain initiatives without a clear understanding of the return on investment and long-term benefits. Demonstrating the tangible value proposition of blockchain, such as cost savings, efficiency gains, and risk mitigation, is crucial for securing buy-in and investment from industry stakeholders.
Outlook
Despite these challenges, the outlook for blockchain technology in the natural gas industry is promising. As technology continues to mature and regulatory frameworks evolve, blockchain is expected to play an increasingly significant role in optimizing operations, enhancing transparency, and driving innovation across the entire natural gas value chain.
Key trends shaping the future of blockchain in the natural gas industry include:
- Blockchain technology is still in its early stages, with ongoing research and development efforts focused on enhancing scalability, interoperability, and security. Innovations such as sharding, layer-2 solutions, and advanced consensus mechanisms are expected to address current limitations and unlock new possibilities for blockchain applications in the natural gas sector.
- Collaboration between energy companies, technology providers, regulators, and other stakeholders will be essential for driving the adoption of blockchain in the natural gas industry. Consortia and industry alliances, such as the Energy Web Foundation and VAKT Global, are already bringing together key players to develop and implement blockchain solutions collaboratively.
- Blockchain technology is increasingly being integrated with other emerging technologies such as artificial intelligence (AI), Internet of Things (IoT), and big data analytics to create more comprehensive and scalable solutions for the energy sector. These synergies enable advanced capabilities such as predictive maintenance, automated decision-making, and real-time optimization of natural gas operations.
- Sustainability and environmental responsibility are becoming increasingly important considerations for energy companies. Blockchain technology can play a crucial role in enhancing transparency and traceability in natural gas supply chains, enabling companies to track the origin and carbon footprint of natural gas from extraction to consumption accurately.
- The natural gas market is undergoing rapid transformation driven by factors such as changing energy demand, evolving regulatory landscapes, and technological advancements. Blockchain technology is expected to reshape the dynamics of natural gas trading, enabling new business models, marketplaces, and financial instruments that promote transparency, efficiency, and fairness.
While challenges remain, the future of blockchain in the natural gas industry looks promising. By addressing scalability, interoperability, regulatory uncertainty, and other challenges, stakeholders can unlock the full potential of blockchain to optimize operations, enhance transparency, and drive innovation in the natural gas sector. As blockchain adoption continues to grow and evolve, it has the potential to revolutionize the way natural gas is extracted, distributed, and traded, paving the way for a more efficient, transparent, and sustainable energy future.
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