Abstract
Crude oil is one of the critically needed resources. It is the main pillar supporting almost everything we rely on in daily life. Unfortunately, due to many factors, crude oil costs too much. Transportation is one of the critical factors that affect such costs. Due to many environmental risks attached to the transportation process, many countries added very high tariffs to cover any hazards during the transportation, loading, and unloading process. Logistics concerns and political conflicts are the other key factors that can massively impact the transportation cost. This paper presents an Industry 4.0-compliant PeTroShare (PTS), a blockchain-powered trustworthy, logistics-friendly, and cost-efficient crude oil trading platform. PTS is a novel ride-sharing platform that enables an anonymous exchange of crude oil between oil producers and customers, focusing mainly on the product quality, not the source of origin. In our scenario, floating crude oil tankers will hold the cargo to an intermediate position in the open ocean. PTS will match the product availability based on the location and the needed quality of the customer requests. Consequently, the time and distance travelled are minimized. Our simulation results show that enabling the anonymous sharing of crude oil products can significantly enhance system efficiency and cost-effectiveness.
Highlights
The substantial objectives of the presented system (PTS) is to convert the international petroleum trade into a public commodity by automating the role of brokers in the transportation process.The proposed system relies on three pillars, IoT networks, ride sharing, and blockchain technology
PTS aims to minimize the cost of the crude oil transportation process and make crude oil a public commodity
PTS uses a ride-sharing platform that enables an anonymous exchange of crude oil between oil producers and customers through the open ocean
Summary
Publisher’s Note: MDPI stays neutral with regard to jurisdictional claims in published maps and institutional affiliations. PTS is a blockchain-powered trustworthy, logistics-friendly, and cost-efficient crude oil trading platform. The substantial objectives of the presented system (PTS) is to convert the international petroleum trade into a public commodity by automating the role of brokers in the transportation process.The proposed system relies on three pillars, IoT networks, ride sharing, and blockchain technology. We assume that a navigation system is embedded in oil tankers that uses GPS signals to send the tanker’s current location and its direction to the data warehouse running on the cloud This monitoring system assists in selecting the optimal tanker for the customer with efficient cost. PTS uses a ride-sharing service to exchange multiple client petroleum products in the open ocean. PTS proposes a smart logistics-friendly framework to decrease human intervention and preserve the reliability of the transportation process.
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