Blockchain in Oil & Gas Market Size - By Category (Private, Public), By Application (Supply Chain, Operations, Trading, Security), 2025 – 2034

Blockchain in Oil & Gas Market Size

The global blockchain in oil & gas market size was valued at USD 984.4 million in 2024 and is estimated to grow at a CAGR of 41.9% from 2025 to 2034. As global business grows, compliance monitoring and resources become increasingly complex, leading to blockchain's adoption as an open ledger to enhance traceability and accountability, allowing supply chain management to be scalable and effective. It also reduces disputes and streamlines workflows amidst intensifying logistics and regulatory challenges, enabling industry performance to be more resilient, leading to business growth.
 

Increased demand for operational efficiency in the oil and gas sector will drive technology adoption. Businesses are seeking ways to make processes more efficient, reduce costs, and enhance transparency that will drive the product growth. In March 2024, the U.S. Department of Homeland Security granted a USD 200,000 contract to blockchain company Neoflow to upgrade the tracking of energy commodities such as crude oil and natural gas, improving cross-border efficiency and fraud prevention.
 

Increasing focus by major players and consumers on sustainability will drive blockchain adoption in oil and gas activities. Organizations are embracing green practices to minimize carbon footprints and maximize transparency in sustainability initiatives through the provision of verifiable evidence of emissions and resource utilization, thus improving business growth. In November 2024, Shell's Avelia platform enabled the delivery of over 18 million gallons of Sustainable Aviation Fuel, reducing over 165,000 tons of CO₂ emissions, demonstrating blockchain's use in decarbonization efforts progress.
 

The growing need for enhanced cybersecurity on account of rising cyberattacks will impact oil and gas companies will push blockchain technology adoption, securing sensitive data with robust, decentralized solutions. As per the Sophos the State of Ransomware in Critical Infrastructure 2024 report, the energy, oil, and gas industries are more exposed to ransomware attacks, with 49% of the 2024 attacks resulting from exploited vulnerabilities, the most common point of entry for attackers.
 

Blockchain in Oil & Gas Market Trends

• Growing adoption of blockchain based solutions in optimizing supply chain operations will boost business statistics. Collaborative innovations among participants develop tailored, efficient, low-cost solutions leading to business growth. Shell's digital passport based on blockchain enhances transparency and efficiency within the supply chain, complementing the Joint Industry Programme (JIP33) that standardizes procurement to mitigate variation, raise efficiency, and aid scheduling and cost control.
   
• Strong demand for blockchain use, driven by increasing global trade and growing oil and gas output will stimulate the industry trend. Petroleum exports in 2022 of the U.S. were 9.52 million b/d and imports were 8.33 million b/d with a net export of 1.19 million b/d. These trends will drive companies towards blockchain smart contracts, which facilitate trade finance, disintermediate, lower counterparty risk, and accelerate transactions, driving business growth.
   
• Increasing adoption of blockchain technology to enhance efficiency in the production of oil will drive disruptive growth throughout the industry. Blockchain will unlock growth and propel strategic growth in the oil and gas industry by simplifying operations, raising transparency, and streamlining supply chains. Blockchain-powered ADNOC platform handling 4.8 million barrels per day in 2024 tracks every transaction from export terminal to wellhead with ease, improving operating accuracy and allowing its 2030 smart growth plan to be completely optimized.
   
• Global adoption of blockchain smart contracts will automate oil and gas operations, improving performance and growth. Self-executing systems will decrease labor, boost transaction accuracy, and make supply chains more reliable, decreasing cost and enabling scalability, promoting cost containment and scalability, contributing to product adoption. Equinor's 2022 pilot of Data Gumbo's blockchain smart contracts achieved 99.7% invoice accuracy, cutting payment errors by 95%. Equinor is scaling its use in a bid to save costs and promote innovation in oil and gas.
   

Blockchain in Oil & Gas Market Analysis

• The blockchain in the oil and gas market was valued at USD 627.8 million, USD 782.8 million, and USD 984.4 million in 2022, 2023, and 2024, respectively. The market is segmented by application into supply chain, operations, trading, and security.
   
• The supply chain segment is projected to grow at a CAGR of 40.8% between 2025 and 2034, due to increased demand for higher transparency and operational efficiency in tracking oil and gas transportation. Blockchain technology allows end-to-end tracking and tamper-proof record keeping without fraud or error in the supply chain to technology adoption. Blockchain for Energy (B4E) launched its new B4E Logistics solution in October 2024, already produced by a major Independent Exploration & Production company, which will transform energy supply chain activities with unparalleled transparency, security, and efficiency.
   
• The trading segment is anticipated to capture a blockchain in the oil & gas market share of over 14.2% by 2034.The application of smart contracts that automate and secure transactions will accelerate blockchain development in oil and gas. The self-executing contracts will eliminate intermediaries, reduce costs, and establish trust among traders, fueling technology growth. Russia started using cryptocurrencies such as Bitcoin, Ether, and Tether in March 2025 in its oil trade with China and India to avoid Western sanctions, which account for an increasingly large portion of Russia's USD 192 billion oil trade.
   
• The security segment is expected to grow at an estimated CAGR of 41.2% from 2025 to 2034 owing to blockchain's decentralized nature and cryptography offering robust security elements that ensure the privacy and authenticity of confidential information. With the acquisition of a USD 3 billion IMF loan in 2023, Ghana wishes to be at the forefront of Africa by using blockchain technology to mitigate corruption in government transactions, advancing its Revenue Assurance efforts in petroleum and minerals.
   
• The operations segment holds a blockchain in oil & gas market share of approximately 26.7% in 2024, which will improve even further by 2034. Expanded use of blockchain technology for asset tracking and operations will facilitate real-time data exchange, secure documentation, and enhanced decision-making while propelling technology advancement. A Shell, BP, and Statoil report estimates the cost savings of blockchain at up to 30% of the oil and gas industry's transaction processing time, its milestone in making operations cheaper and more efficient.
   

• Based on the category, the blockchain in the oil & gas market is segmented into public and private segments. The private segment holds a market share of 54.9% in the product market in 2024 which is anticipated to improve further by 2034 propelled by growing demand for secure and efficient data management in the oil and gas industry.
   
• Private blockchains will allow companies to improve control over sensitive information and optimize operations. In January 2025, Shell Trading Rotterdam launched vSure on the blockchain-based VAKT platform, streamlining work and enhancing compliance, processing over 70% of North-West Europe Barge trades with real-time data accuracy.
   
• Public blockchain business will grow at a steady rate of more than 42% CAGR during 2025-2034, fueled by increasing demand for transparency and accountability for business activities. Furthermore, technology will also help the public sector to provide tamper-proof records, minimize corruption, and facilitate sustainable activities. Their openness will create trust with stakeholders, opening the door to broader adoption for regulatory compliance and public monitoring, resulting in greater industry credibility and operating integrity across the industry, leading to technology growth.
   

• As of 2024, North America holds a market share of 17%, which is expected to improve further by 2034. The U.S. blockchain in oil & gas market was valued at USD 78.3 million, USD 98.3 million, and USD 124.4 million in 2022, 2023, and 2024, respectively.
   
• Growing demand for operational effectiveness and compliance will drive technological penetration in the oil and gas industry. Increased focus on secure data management, supply chain management, and emission monitoring by organizations will fuel technology growth. Support from active governments and industry-led innovation will fuel penetration, positioning the U.S. as the leader in the adoption of blockchain-based technologies for increased transparency and sustainability in the sector.
   
• The European blockchain within the oil and gas industry holds a market share of approximately 58.7% in 2024 and will further enhance to an even higher rate by 2034 due to the need for transparency and sustainability in energy activities. Greater emphasis on business expansion, successful trading and emissions monitoring will complement the adoption of technology. In 2025, the European Blockchain Partnership of 29 nations embraced blockchain proposals, where 60% of over 150 energy projects are aiming at renewables, trading, and improving local interoperability.
   
• The Asia Pacific region will reach a blockchain in the oil & gas market value exceeding USD 4.25 billion by 2034, fueled by demand for innovative technologies to boost scalability and efficiency. Firms’ growing use of advanced blockchain for secure trading and supply chain management will enhance technology adoption. In November 2024, the Internet Computer Protocol introduced chain fusion and a reverse gas model, enabling seamless interoperability with blockchains such as Ethereum, and boosting regional adoption for energy applications.
   

Blockchain in Oil & Gas Market Share

• The top four companies, Hindustan Petroleum, IBM, Infosys Limited, and SAP, account for 39.9% of the blockchain in the oil and gas industry. Hindustan Petroleum streamlines supply chain effectiveness, IBM expands energy trading platforms, Infosys streamlines operations with customized services, and SAP consolidates strong enterprise solutions. These companies drive the blockchain in oil & gas market with innovative technology, boosting transparency and operational effectiveness across energy uses.
   
• Market leaders use strategic partnerships with energy and technology companies to optimize innovation. Joint approaches by Hindustan Petroleum, IBM, and others incorporate blockchain within energy infrastructure for safe data management. They focus on interoperable solutions, meeting sustainability needs, and promoting transparency and resilience in the future energy market.
   
• Major players invest heavily in R&D to develop blockchain technologies that meet current energy needs. Hindustan Petroleum and IBM focus on secure, scalable transaction systems, while Infosys Limited and SAP maximize platform flexibility. Such investments maximize performance in Asia Pacific and global markets, in compliance with regulation and efficiency goals, supplementing decentralized energy management trends.
   

Blockchain in Oil & Gas Market Companies

Eminent players operating in the blockchain in the oil & gas industry are:

• Accenture
• ConsenSys
• Hindustan Petroleum
• IBM
• Infosys Limited
• Kaleido
• Neoflow
• SAP
• VAKT Global
• VeChain
• Zupple Labs
   
• IBM, growing participant in the use of blockchain for oil and gas, delivers enterprise-level solutions enhancing supply chain transparency. IBM recorded revenues in 2024 USD 62.753 billion, USD 7.479 billion of which was used for R&D in hybrid cloud, AI, and blockchain technology. IBM collaborates with oil and gas players such as ADNOC in the use of blockchain for streamlining production tracking, improving transparency and securing supply chain data from wells to refineries.
   
• In 2023, operating profit reached USD 7.5 billion, with revenues at USD 34.5 billion. R&D, roughly 15% of revenue, fuels cloud, AI, and blockchain advancements, boosting data accuracy and security for the energy sector. SAP's SAP Leonardo package enhances blockchain integration in the oil and gas industry, seamlessly aligning with ERP solutions.
   

Blockchain in Oil & Gas Industry News:

• In October 2024, Marathon Digital Holdings initiated a pilot program to generate 25 megawatts of power from excess natural gas in the U.S. shale patch. The initiative aims to reduce the use of local grid power and avoid natural gas flaring by converting it into electricity to fuel cryptocurrency mining operations. The project also makes it easier to generate carbon credits with the emergence of a new synergy between energy resource optimization and blockchain technology in the oil and gas sector.
   
• In October 2023, HPCL joined hands with software firm Zupple Labs to implement a blockchain platform that can automate the authentication of purchase orders to minimize fraud and maximize efficiency. This collaboration merges Zupple Labs' "LegitDoc" technology with HPCL's PO system to enable digital purchase orders to be released to suppliers without manual checking.
   

The blockchain in oil & gas market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in “USD Million” from 2021 to 2034, for the following segments:

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Market, By Category

• Public
• Private

Market, By Application

• Supply chain
• Operations
• Trading
• Security

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Netherlands
  • France
  • Spain
• Asia Pacific
  • China
  • Japan
  • Singapore
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
• Latin America
  • Brazil
  • Chile