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The world is becoming more aware of the uses and benefits of blockchain technology with every passing day. The oil and gas industry could also achieve increased financial and operational success using blockchain technology and artificial intelligence. Harshit Sharma, from Lux Research, shared his insights on the industry at the recent OSEA2018 Conference organized by UBM. There he talked about the crucial role that four emerging technologies could play in the digital transformation of the industry.

One of the most discussed topics of the industry in the past few decades, the “Digital Oilfield” is not just an abstract concept, but the technological ideal of the sector. Digital technologies have always been at the forefront of discussion whether it is related to finding more oil or managing operations more efficiently. To make any real impact on the industry, however, the participants of the industry have to look into emerging technologies.

This digital leap is also a necessity for the sector. According to a 2017 projection made collectively by the World Economic Forum (WEF) and BP, the oil and gas industry could create an additional $1 trillion in economic value if it follows through with a full digital transformation. The industry has adopted data processing technology and seismic data acquisition technologies at a much faster rate than other sectors. IoT is also expanding in the industry consistently.

Lux Research laid out four technologies that could have the greatest impact on the digital transformation of the industry. The first among them is downhole communication. This sensor-based technology makes the cornerstone of IoT systems for data acquisition as well as communication in the oilfield. The industry’s focus on fiber optics and acoustic telemetry could be helpful in downhole sensing.

Edge computing is another emerging technology that the industry could use, especially as it moves to the cloud. Lux research suggests:

“As the interest in offshore projects continues to grow, we expect a higher adoption of edge computing solutions with several existing companies pivoting towards the offshore industry for new opportunities.”

Artificial intelligence too will be one of the most impactful additions to the sector, helping to create simulated logs like Quantico Energy Solutions which received investments from Shell in 2015. Shell has reported over 80 percent savings in logging costs by using these solutions.

Finally, blockchains will help in changing the industry from the ground up. The tangible benefits and ROI on blockchains is yet to be seen. Lux Research states:

“Although organization and cultural issues will pose challenges for blockchain adoption, the industry has proven its openness to integrate new digital technologies into its operations in recent years.”

Blockchain and Artificial Intelligence Can Take the Oil and Gas Industry to Operational and Financial Excellence was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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