Blockchain-based royalty contract transactions scheme for Industry 4.0 supply-chain management

Industry 4.0-based oil and gas supply-chain (OaG-SC) industry automates and efficiently executes most of the processes by using cloud computing (CC), artificial intelligence (AI), Internet of things (IoT), and industrial Internet of things (IIoT). However, managing various operations in OaG-SC industries is a challenging task due to the involvement of various stakeholders. It includes landowners, Oil and Gas (OaG) company operators, surveyors, local and national level government bodies, financial institutions, and insurance institutions. During mining, OaG company needs to pay incentives as a royalty to the landowners. In the traditional existing schemes, the process of royalty transaction is performed between the OaG company and landowners as per the contract between them before the start of the actual mining process. These contracts can be manipulated by attackers (insiders or outsiders) for their advantages, creating an unreliable and un-trusted royalty transaction. It may increase disputes between both parties. Hence, a reliable, cost-effective, trusted, secure, and tamper-resistant scheme is required to execute royalty contract transactions in the OaG industry. Motivated from these research gaps, in this paper, we propose a blockchain-based scheme, which securely executes the royalty transactions among various stakeholders in OaG industries. We evaluated the performance of the proposed scheme and the smart contracts' functionalities and compared it with the existing state-of-the-art schemes using various parameters. The results obtained illustrate the superiority of the proposed scheme compared to the existing schemes in the literature.

Automated summary

The Industry 4.0-based oil and gas supply chain industry utilizes advanced technologies to automate processes, but faces challenges in managing various stakeholders. Traditional schemes for royalty transactions may be unreliable and lead to disputes, highlighting the need for a secure, cost-effective solution to execute these transactions.