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PeTroShare: Blockchain-Managed, Logistics-Aware, Privacy-Friendly, Comparative, and Efficient Petroleum
Salwa M Hassan1, Mohamed Azab2, Amal O Hamada1
1Electrical Engineering Department, Faculty of Engineering, Alexandria University, Alexandria 21519, Egypt.
Crude oil trading costs are reduced with PeTroShare (PTS), a blockchain platform enabling anonymous, quality-focused exchange. This innovative system minimizes travel time and distance, enhancing efficiency and cost-effectiveness in the oil logistics sector.
Area of Science:
- Petroleum Engineering
- Supply Chain Management
- Blockchain Technology
Background:
- Crude oil is essential, but high transportation costs, environmental risks, tariffs, logistics, and political conflicts inflate prices.
- Current crude oil trading faces significant challenges in cost-efficiency and logistical optimization.
Purpose of the Study:
- To introduce PeTroShare (PTS), an Industry 4.0-compliant, blockchain-powered platform for cost-efficient and trustworthy crude oil trading.
- To enable anonymous, quality-centric crude oil exchange, minimizing logistical complexities and associated costs.
Main Methods:
- Development of a blockchain-powered trading platform (PeTroShare) for anonymous crude oil exchange.
- Simulation of a scenario involving floating crude oil tankers and matching based on location and quality requirements.
Main Results:
- The PeTroShare platform facilitates anonymous exchange, prioritizing product quality over the source of origin.
- Matching of available crude oil products with customer needs based on location and quality significantly minimizes travel time and distance.
Conclusions:
- Anonymous sharing of crude oil products via the PeTroShare platform can substantially improve system efficiency.
- The blockchain-based approach offers a cost-effective and trustworthy solution for crude oil logistics and trading.
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