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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.
Blockchain in Oil & Gas Market Report Attributes
| Report Attribute |
Details |
| Base Year: | 2024 |
|---|
| Blockchain in Oil & Gas Market Size in 2024: | USD 984.4 Million |
|---|
| Forecast Period: | 2025 – 2034 |
|---|
| Forecast Period 2025 – 2034 CAGR: | 41.9% |
|---|
| 2025 – 2034 Value Projection: | USD 29.16 Billion |
|---|
| Historical Data for: | 2021 – 2024 |
|---|
| No. of Pages: | 50 |
|---|
| Tables, Charts & Figures: | 20 |
| Segments covered: | Category, Application, and Region |
|---|
| Growth Drivers: | - Rising cyberattacks and data breaches
- Regulatory compliance
- Technological advancements
|
|---|
| Pitfalls & Challenges: | |
|---|
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.
