We are living in an era where technologies around us are taking control over our day-to-day lives. We have already embraced technologies like Artificial Intelligence, IoT and Machine Learning as part of our daily lives and now looking forward to new innovative technologies like Blockchain and Big Data.
As a matter of fact, these two (Blockchain & Big Data) are the most disruptive technologies as of today and are gaining significant popularity owing to their high-octane capabilities and powerful applications. Seeing their current set of applications and use cases, it won’t be irrelevant to call them the cornerstones of the new digital age.
Above all, these two technologies are rapidly expanding and have already found their way across all major industries. Take Blockchain, for example. When this distributed ledger based technology first came into existence, people doubted its potential.
The association with Bitcoin was yet another reason why it didn’t get the kind of response it deserved. But even after the devaluation of Cryptocurrencies that happened some time earlier, Blockchain is still as powerful as it used to be. Nevertheless, the applications and use cases of Blockchain have only multiplied rather than being receded.
The Role of Big Data In Oil & Gas Industry
There’s no doubt that Big data plays a pivotal role in Oil & Gas industry. It’s rather convincing to say that Big Data provides the requisite fuel for the Oil & Gas Industry to operate. It’s quite evident that the processes involved in the exploration and extraction of oil and natural gas give rise to massive amounts of data.
The data volume keeps on increasing almost daily as the development and production takes place. That’s where the role of Big Data comes in. Different types of data that is captured at different stages of production is further utilized and processed through the Big Data analytics methods.
This data in turn, helps in creating models and images of the Earth’s structure and its deepest layers thousands of feet below the ocean. Based on this collected information through refinery wells, many important factors are analysed such as oil flow rates, pressures etc. to enhance their machinery performance.
Given all these factors, Big data is becoming a primary need for all these wells to operate effectively and since there millions of currently active wells around the globe and new ones setting up more often than ever, the data requirements are only going to rise, thereby opening doors to best Big Data Software Development Company india.
How Blockchain Technology Can Help?
There are a number of ways as to how Blockchain implementation can benefit the oil and gas industry. As already told, the oil and gas industry generate humongous amounts of data at different stages of planning, production and development. This also includes data used for conducting product trades which requires feeding the same information to different types of systems after reconciliation.
In such scenario, using a distributed ledger system like Blockchain can help in feeding the data to all parties simultaneously, thereby reducing the time consumed in reconciliation of price and volume differences amongst the trade participants.
When combined with processing equipment and pipeline sensors, Blockchain can alleviate tasks like record keeping, execution of contracts, payments, transactions and fraud detection. Apart from that, it brings top-notch security, transparency and immutability to the stored data and adds a trust factor.
While Big data is close to a full embrace, Blockchain is also making its effect felt as people are starting to realize the true potential of this ledger technology. And if all goes well, we may see these two technologies going mainstream pretty soon in Oil and Gas industry.