Applying Blockchain Technology to Process Safety with Focus on Integrity Management for Oil and Gas Industry

Abstract

Abstract Disruptive innovation has extensively changed human interactions, market trends and other aspects such as transportation and communication. Over last decade many new technologies (artificial intelligence, block chain technology, Internet-Of-Things) has changed the way world do business. These new technologies are playing an important role in increasing efficiency and effectiveness in businesses around the world. This paper focuses on application of blockchain technology and use of distributed ledgers to leverage process safety and integrity management program. The focus of safety management system is to evaluate hazards and decrease risks with an assurance that the identified safeguards are effective. All the elements of process safety management program are interlinked so failure or gap in one element will adversely affect the efficacy of the overall process safety management program. The effectiveness of a process safety management depends on many factors such as management support, personnel participation, effective and tamper-proof data management and reporting. So, it takes considerable number of resources to set up and manage these systems. This paper explores use of blockchain and distributed ledgers to effectively manage elements of process safety management program with major focus around integrity management for oil and gas industry. The paper focuses on core 6 elements however the discussion could be applied for the other elements of the process safety management program. This paper provides an overview application of blockchain to different elements of process safety management program discussing the pros and cons. The paper provides a detailed scoping of application of blockchain and distributed ledgers for integrity management program.