Blockchain in Oil and Gas - Thematic Research
Summary
Blockchain is emerging as a technology that demands attention within the oil and gas sector. As sensor technology reaches its peak within the industry amid rising adoption of the Internet of Things (IoT), blockchain facilitates the direct storage of transactions and accounting data on these devices. By linking assets directly to service contracts, blockchain significantly diminishes process time and fundamentally alters contracting by providing secure collaboration. The advantages of blockchain in the oil and gas industry manifest through enhanced transparency, compliance, and data security. Although adoption is currently in its early stages, the potential of blockchain in the oil and gas sector is poised for substantial growth as companies increasingly recognize its full capabilities.
Scope
This report explores the use of blockchain technologies in the oil and gas industry.
It forecasts the total global blockchain market size till 2030.
It establishes a blockchain value chain and identifies key players across this value chain.
It highlights the use cases of blockchain technology in the oil and gas industry.
It reviews the deals, company filings, hiring, and patent activity related to the blockchain technology.
The report provides an overview of the competitive positions held by technology companies, and oil and gas industry companies in the blockchain theme.
Reasons to Buy
Identify recent technology, macroeconomic, regulatory and industry trends in the blockchain theme.
Identify use cases for oil and gas industry in blockchain theme.
Identify and benchmark key technology companies and their role in the blockchain theme.
Identify and benchmark oil and gas industry companies adopting blockchain technology.
- Executive Summary
- Players
- Technology Briefing
- What is blockchain?
- The four key characteristics of a blockchain
- How a blockchain transaction works
- What blockchain is not
- Blockchain architecture
- Public key encryption
- Centralized versus distributed ledger
- Consensus mechanisms
- Types of blockchains
- Which blockchain should you use?
- Smart contracts
- The role of cryptocurrencies in different types of blockchains
- Trends
- Technology trends
- Macroeconomic trends
- Regulatory trends
- Industry trends
- Industry Analysis
- Market size and growth forecasts
- The financial services industry leads the way in global blockchain spending
- The US leads the way
- Timeline
- Impact on the Oil and Gas Industry
- Overcoming operational challenges
- Transaction security and payment invoicing
- Carbon credits and climate financing
- Commodity trading
- Contract execution
- Case studies
- Safe transport of hazardous commodities
- Digitizing the voting system to expedite capital projects
- Monitoring lifecycle emissions for a specific chemical
- Signals
- M&A trends
- Venture financing trends
- Patent trends
- Company filing trends
- Hiring trends
- Value Chain
- Infrastructure layer
- Semiconductors
- Nodes
- Storage devices
- Networking equipment
- Data centers
- Software layer
- Blockchain protocols
- Permissioned blockchains
- Hybrid blockchains
- Permissionless blockchains
- Middleware
- Application layer
- Centralized applications
- Services layer
- Blockchain as a service
- IT and professional services
- Infrastructure as a service
- Companies
- Technology companies
- Oil and gas companies
- Sector Scorecard
- Integrated oil & gas companies scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Glossary
- Further Reading
- GlobalData reports
- Our Thematic Research Methodology
- About GlobalData
- Contact Us
- List of Tables
- Table 1: Technology trends
- Table 2: Macroeconomic trends
- Table 3: Regulatory trends
- Table 4: Industry trends
- Table 5: Key M&A transactions associated with the blockchain theme in 2023
- Table 6: Key venture financing deals associated with the blockchain theme in 2023
- Table 7: Leading players associated with this theme and summarizes their competitive position.
- Table 8: Oil and gas companies
- Table 9: Glossary
- Table 10: GlobalData reports
- List of Figures
- Figure 1: Who are the leading players in the blockchain theme, and where do they sit in the value chain?
- Figure 2: Blockchain is distinguished from traditional databases
- Figure 3: A blockchain transaction can be broadly divided into six steps
- Figure 4: Blockchain is not bitcoin
- Figure 5: Blockchain is a type of distributed database
- Figure 6: The data stored in a block depends on the blockchain
- Figure 7: Linking transactions together makes it practically impossible to tamper with them
- Figure 8: Tampering with one of the blocks will cause the hash of that block to change
- Figure 9: Public key encryption is essential for securing blockchain transactions and verifying ownership
- Figure 10: Transactions are validated using a mechanism that is entirely independent of central control
- Figure 11: Most permissionless blockchains use one of two consensus methods
- Figure 12: Distinguishing between access control and network management in blockchain
- Figure 13: Private and federated blockchains are the preferred choice for most enterprises
- Figure 14: Selecting the type of blockchain is complex – a traditional database is often sufficient
- Figure 15: Smart contract transactions can broadly be divided into seven steps
- Figure 16: GlobalData estimates that the global blockchain market will be worth $291 billion by 2030
- Figure 17: The financial services industry leads blockchain spending
- Figure 18: The evolution of blockchain can be divided into several distinct phases
- Figure 19: The blockchain story
- Figure 20: The number of blockchain-related M&A deals remains strong despite the crypto crash
- Figure 21: Blockchain’s share of tech M&A deals is increasing
- Figure 22: Centralized cryptocurrency exchanges lead the way in blockchain-related M&A activity
- Figure 23: US companies lead blockchain M&A activity
- Figure 24: In 2023, blockchain funding fell by 65%, while deal volume decreased by 41%
- Figure 25: Blockchain’s growing prominence in tech funding
- Figure 26: Large funding rounds are down in 2023 as investors become more cautious
- Figure 27: Blockchain-related venture financing is driven by the US
- Figure 28: Most of the volume is in early-stage deals, while most of the value is in later-stage deals
- Figure 29: Blockchain is attracting a lot of attention from major venture financing firms
- Figure 30: The number of patent applications has declined since peaking in 2021
- Figure 31: China accounts for most blockchain patent applications, but the US is gaining share
- Figure 32: Chinese companies lead blockchain-related patent activity
- Figure 33: The number of blockchain companies going public has boosted filing mentions
- Figure 34: Blockchain and cryptocurrencies remain intertwined in company filings
- Figure 35: Cryptocurrency-related businesses have the most blockchain mentions
- Figure 36: The number of active blockchain job postings remains high despite layoffs
- Figure 37: Blockchain hiring is concentrated on specific sectors and occupations
- Figure 38: Crypto exchanges, professional services, and financial firms lead blockchain hiring
- Figure 39: The blockchain value chain
- Figure 40: The blockchain value chain – Infrastructure layer
- Figure 41: Infrastructure layer – Semiconductors
- Figure 42: Infrastructure layer – Nodes
- Figure 43: Infrastructure layer – Storage devices
- Figure 44: Infrastructure layer – Networking equipment
- Figure 45: Hosting grows more decentralized, yet centralized providers like AWS retain a significant share
- Figure 46: Infrastructure layer – Data centers
- Figure 47: The blockchain value chain – Software layer
- Figure 48: Permissionless versus permissioned blockchain protocols.
- Figure 49: Software layer – Permissioned blockchains
- Figure 50: The three most p8opular third-party blockchain protocols for permissioned blockchains
- Figure 51: Third-party protocols have a prominent role within the federated blockchain landscape
- Figure 52: Hybrid blockchains are less common than permissioned and permissionless ones
- Figure 53: Software layer – Hybrid blockchains
- Figure 54: The competitive landscape for public permissionless blockchains is diverse
- Figure 55: Software layer – Permissionless blockchains
- Figure 56: Software layer – Middleware
- Figure 57: Cross-chain interoperability enables interaction between different blockchain networks
- Figure 58: Layer 1 solutions involve modifications to the underlying blockchain protocol
- Figure 59: Layer 2 solutions operate on top of the existing layer 1 blockchain
- Figure 60: Blockchain's inherent transparency and immutability present unique challenges in privacy and security
- Figure 61: Application layer – Centralized applications
- Figure 62: Major financial institutions view asset tokenization as a significant market opportunity
- Figure 63: The blockchain value chain – Services layer
- Figure 64: Services layer – Blockchain as a service
- Figure 65: Services layer – IT and professional services
- Figure 66: Services layer – Blockchain development and infrastructure services
- Figure 67: A wide range of companies are making advances in blockchain
- Figure 68: Who does what in the integrated oil & gas companies’ space?
- Figure 69: Thematic Screen
- Figure 70: Valuation screen
- Figure 71: Risk screen
- Figure 72: Our five-step approach for generating a sector scorecard
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