By Ikechukwu Stephen Nwamordi MBA, MSc, COREN, EIT, MNSE
Conclusion
The commercialization of natural gas projects using blockchain technology represents a significant step forward in the evolution of the global energy sector. As highlighted throughout this paper, blockchain holds immense promise in optimizing operations, enhancing transparency, and driving innovation across the entire natural gas value chain.
From exploration and extraction to distribution and trading, blockchain offers transformative solutions to some of the most pressing challenges facing the natural gas industry. By providing transparency, security, and efficiency, blockchain enables stakeholders to streamline processes, reduce costs, and mitigate risks, ultimately driving greater sustainability and resilience in the energy sector.
Despite the challenges and barriers to adoption, the future outlook for blockchain in the natural gas industry is undeniably positive. With ongoing innovation, industry collaboration, and regulatory alignment, blockchain technology is poised to revolutionize the way natural gas is produced, transported, and traded, unlocking new opportunities for efficiency, transparency, and prosperity.
As energy companies, technology providers, regulators, and other stakeholders continue to explore and implement blockchain solutions, it is essential to remain focused on the long-term benefits and opportunities that blockchain offers. By embracing innovation, fostering collaboration, and overcoming challenges together, we can realize the full potential of blockchain to transform the natural gas industry and create a more sustainable and resilient energy future for generations to come.
In conclusion, the integration of blockchain technology into natural gas projects represents a paradigm shift in the energy landscape, offering new possibilities for efficiency, transparency, and innovation. By harnessing the power of blockchain, we can build a more resilient, sustainable, and equitable energy ecosystem that benefits both industry stakeholders and society as a whole.
Reference
Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. Retrieved from https://bitcoin.org/bitcoin.pdf
World Economic Forum. (2017). Blockchain: Rewiring Governance. Retrieved from http://www3.weforum.org/docs/WEF_GAC15_Blockchain.pdf
Swan, M. (2015). Blockchain: Blueprint for a New Economy. O’Reilly Media.
Tapscott, D., & Tapscott, A. (2016). Blockchain Revolution: How the Technology Behind Bitcoin is Changing Money, Business, and the World. Penguin.
Energy Web Foundation. (n.d.). About Us. Retrieved from https://energyweb.org/about-us/
VAKT Global. (n.d.). About Us. Retrieved from https://vakt.com/about/
Shell. (2022). Shell’s Blockchain Pilot Improves LNG Trading Efficiency. Retrieved from https://www.shell.com/media/news-and-media-releases/2022/shells-blockchain-pilot-improves-lng-trading-efficiency.html
BP. (2023). BP Explores Blockchain for Natural Gas Operations. Retrieved from https://www.bp.com/en/global/corporate/news-and-insights/bp-magazine/in-depth/bp-explores-blockchain-for-natural-gas-operations.html
Exergy. (n.d.). Tokenize Your Energy Assets. Retrieved from https://www.exergy.energy/
European Commission. (2020). Blockchain in Energy Market. Retrieved from https://ec.europa.eu/futurium/en/blockchain-energy-market
International Energy Agency. (2019). Digitalization & Energy. Retrieved from https://www.iea.org/reports/digitalization-and-energy
United Nations Economic Commission for Europe. (2020). Blockchain for Sustainable Development. Retrieved from https://unece.org/energy/blockchain-sustainable-development
Zohar, A. (2015). Bitcoin: Under the Hood. Communications of the ACM, 58(9), 104-113.
Chakravorty, J. (2019). Blockchain and Energy: Applications and Implications. IEEE Power and Energy Magazine, 17(2), 85-93.
Kosba, A., Miller, A., Shi, E., Wen, Z., & Papamanthou, C. (2016). Hawk: The Blockchain Model of Cryptography and Privacy-Preserving Smart Contracts. IEEE Symposium on Security and Privacy.
Mougayar, W. (2016). The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology. Wiley.
O’Dwyer, K. J., & Malone, D. (2014). Bitcoin Mining and its Energy Footprint. 25th IET Irish Signals & Systems Conference.
International Renewable Energy Agency. (2019). Innovation Outlook: Blockchain. Retrieved from https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2019/Nov/IRENA_Innovation_Outlook_Blockchain_2019.pdf
Kshetri, N. (2017). Can Blockchain Strengthen the Internet of Things? IT Professional, 19(4), 68-72.
Davies, N. (2016). How Blockchain Technology Can Enhance EHR Operability. Healthcare IT News. Retrieved from https://www.healthcareitnews.com/news/how-blockchain-technology-can-enhance-ehr-operability
