Exploring the hyperledger blockchain technology disruption and barriers of blockchain adoption in petroleum supply chain

Abstract

Blockchain is an emerging technology that can build technology innovation on core front line operations in the petroleum industry. In the present study, we explore the research questions: how hyperledger fabric blockchain can disrupt the petroleum supply chain, the prominent barriers to blockchain adoption. Hyperledger blockchain is a private network in which information sharing through only permissioned participants feasible. The study takes inputs from industry and academic experts to explore blockchain's role in every segment of the petroleum industry. It employs a hesitant fuzzy set theory to explore the prominent barriers of blockchain adoption. The research findings identify that blockchain has significant exposure in land management, asset history records, financial records, supply chain management, etc. The prominent barriers to blockchain adoption are lack of general standards, lack of trust among partners, and lack of understanding. In particular, this research gives the petroleum industry blockchain-based digitization and highlights future research directions in technology.