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

Blockchain in Oil & Gas Market Size

The global blockchain in oil & gas market was valued at USD 984.4 million in 2024 and is estimated to grow at a CAGR of 41.9% from 2025 to 2034. It is a distributed digital ledger system that ensures the secure recording of transactions across a network of computers, making it impossible to alter or modify previously recorded transactions retroactively.
 

In the oil & gas industry, the distributed ledger technology (DLT)enhances transparency, traceability, and security across the industry's operations. Key applications include supply chain management, where blockchain enables real-time tracking of oil and gas shipments, and smart contracts, which automate processes such as procurement and settlements, thus improving speed and reducing human error.
 

Rising demand for technology offering enhanced transparency, helping oil & gas companies to track the flow of resources and materials across the supply chain, reducing fraud, errors, and inefficiencies will foster the product adoption. Increasing operational complicity of the industry will improve the blockchain adoption to streamline the processes by automating and securing transactions, reducing paperwork and delays associated with traditional methods.
 

Growing incidences of cyberattacks and data breaches in the oil & gas sector will augment technology penetration with a decentralized nature and cryptographic security mechanisms, making it difficult to tamper with records or manipulate data. Rising stringent regulations compel companies to adopt advanced technology, enabling real-time tracking of emissions, waste disposal, and other compliance metrics, reducing the risk of regulatory violations, and facilitating audits, driving the business outlook.
 

Blockchain in Oil & Gas Market Trends

Rising collaborative innovations in different entities in the oil & gas value chain, from exploration companies to service providers, regulators, and customers will create lucrative opportunities for the technology growth. Furthermore, blockchain also eliminates intermediaries and automates processes, helping the industry to reduce operational costs, thereby improving the industry landscape.
 

Blockchain in Oil & Gas Market Analysis

Based on application the blockchain in the oil & gas market is segmented into supply chain, operations, trading and security. Supply chain is projected to grow by more than USD 15.5 billion by 2034. Rising demand for real-time data sharing and monitoring with many stakeholders across multiple regions, including suppliers, manufacturers, logistics providers, and customers will foster the technology adoption. Growing need for enhanced forecasting and inventory management to track the flow of materials and products across the entire supply chain will complement the technology penetration. Furthermore, high complexity of oil and gas supply chains escalates the chances of disputes over contractual terms, delivery schedules, and quality assurance, driving the technology adoption offering secured transaction history, including contract terms, delivery dates, and payment history.
 

Based on category, the market is segmented into public and private. Public is set to grow at a CAGR of over 42.4% till 2034. Rising fighting corruption and fraud in the oil and gas sector, particularly in countries rich in natural resources will improve technology adoption particularly valuable for governments and public agencies looking to ensure that revenue from activities does not siphon off through illicit activities. Growing demand for sustainable practices from the public category on account of rising enforcement of environmental regulations will uplift the industry landscape.
 

The U.S. blockchain in oil & gas market is anticipated to grow over USD 3.8 billion by 2034. Increasing scrutiny from regulators, investors, and the public in the U.S. will stimulate technology demand to provide a transparent and immutable ledger for tracking operations ensuring accountability in the supply chain, from extraction to distribution. Growing strict regulations governing environmental standards, safety protocols, and financial disclosures in the oil and gas sector will further propel the technology penetration. Rising collaboration between private oil and gas firms and government bodies in blockchain pilot projects will foster the business landscape.
 

In Asia Pacific, rising energy demand, especially in rapidly developing economies such as China and India, will encourage companies to focus on technologies that streamline operations, driving the industry statistics. Growing implementation of stricter environmental regulations coupled with increasing corruption and inefficiency in the resource sector will complement technology penetration.
 

Blockchain in Oil & Gas Market Share

Eminent market players are collaborating with technology providers, industry peers, and public institutions to leverage expertise and accelerate implementation. Key players are focusing on tailored blockchain applications, such as supply chain management, trading platforms, and emissions tracking. By addressing specific pain points in the oil and gas industry, these players create value-driven solutions that gain faster acceptance. Furthermore, leading firms are establishing innovation hubs or funding startups to develop blockchain applications specific to their operations.
 

Blockchain in Oil & Gas Market Companies

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

• Accenture
• ConsenSys
• Hindustan Petroleum
• IBM
• Infosys Limited
• Kaleido
• Neoflow
• SAP
• VAKT Global
• VeChain
• Zupple Labs
   

Blockchain in Oil & Gas Industry News

• In October 2023, Hindustan Petroleum Corporation Limited (HPCL) has partnered with software firm Zupple Labs to implement a blockchain system aimed at automating the purchase order (PO) verification process. This collaboration integrates Zupple Labs' "LegitDoc" technology into HPCL's PO system, enabling the issuance of digital purchase orders to vendors without the need for manual verification. This blockchain-driven solution aims to streamline operations, enhance efficiency, and reduce the time and costs associated with traditional PO verification processes.
   
• In March 2024, The US Department of Homeland Security (DHS) awarded a Phase 4 contract worth nearly USD 200,000 to blockchain firm Neoflow. The project aims to digitally trace the transit of natural gas and crude oil from Canada to the U.S., focusing on preventing fraud. The solution leverages verifiable credentials, decentralized identifiers, and distributed ledger technology to ensure secure, transparent tracking of these energy products.
   

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