Gas flaring in the oil and gas sector is another concern in the industry and has become an environmental issue. The concern could however, be turned into a massive opportunity. According to Salusi Uba, Founder and Managing Partner NatQuest Limited, the excessive gas from the industry can be used to mine bitcoin. “Another important factor for the oil and gas industry is ensuring that today’s environmental issues within gas clearing are a massive opportunity to use those excesses of gas in mining Bitcoin,” he said at the Digital Nigeria Conference 2022.
He continued that Nigeria as a nation can tap its resources into the blockchain space. “This is an area in Nigeria where we have massive deposits of gas we can utilize to lead the world in ensuring that we are not just leading in terms of developing Blockchain solutions but we are tapping our oil and gas resources into the blockchain space,” he said.
Why blockchain could be the right tool for curbing oil and gas issues in Nigeria
Blockchain has been identified by Salisu Uba as a potential tool for curbing the major issue faced by Nigeria’s oil and gas sector. Salisu Uba stated that blockchain will be remarkable in the industry because “you don’t have to trust in a central point of failure because some of these things are driven by human behavior whether directly or indirectly.”
He said now is the right time, and blockchain is the right tool for tackling issues in the oil and gas industry. “I think it is the right time for us to use the right tools and perhaps complementing the blockchain technology with other technologies like IoT to trace and have visibility around our pipelines is possible.”
Elaborating on his point of view, he added that having a Blockchain solution complemented with IoTs and other sophisticated technologies using AI will help ensure that we have safe and secure pipelines within our oil and gas sector.
Salisu Uba mentioned that he had done massive research on Blockchain technology within the oil and gas supply terms. “From the perspective of Africa and in specific Nigeria I will say the future is bright and there is absolutely no doubt that the future of the supply chain is digital. Driving the supply chain, we have increasingly seen how Blockchain can enable value addition and that is very important,” he said.
I think one of those technologies that can provide the combination of trust, visibility, and transparency within the supply chain is Blockchain technology, he added. Despite the challenges associated with Blockchain technology at the enterprise level, he still believes that having an open collaboration between different entities across the supply chain and the government investing in building infrastructure capabilities will drive many opportunities. Nigeria could lead in this particular direction, he said.
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