Abstract
The blockchain technology has been in the limelight with the emergence of bitcoin and since then it is attracting huge interest and investment across industries. The blockchain technology is a decentralized and a distributed-leger technology in which all the information or transactions are digitally stored in a secure environment across different locations and people. The petroleum industry is not far behind in adopting the blockchain technology due to its cost benefits, security, and transparency it brings to the whole system. Various projects successfully implemented in the petroleum industry based on the blockchain technology are trading platform, smart contract management, royalty transactions, etc. The implementation of blockchain technology in petroleum industry is still at a nascent stage but it has the potential to completely transform and disrupt the petroleum industry. This paper review the characteristic features, merits and demerits of different types of blockchain, the design principle of any blockchain technology, potential application and various use cases of blockchain technology in petroleum industry.
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