PeTroShare: Blockchain-Managed, Logistics-Aware, Privacy-Friendly, Comparative, and Efficient Petroleum Transportation

Abstract

Crude oil is one of the critically needed resources. It is the main pillar supporting almost everything we rely on in daily life. Unfortunately, due to many factors, crude oil costs too much. Transportation is one of the critical factors that affect such costs. Due to many environmental risks attached to the transportation process, many countries added very high tariffs to cover any hazards during the transportation, loading, and unloading process. Logistics concerns and political conflicts are the other key factors that can massively impact the transportation cost. This paper presents an Industry 4.0-compliant PeTroShare (PTS), a blockchain-powered trustworthy, logistics-friendly, and cost-efficient crude oil trading platform. PTS is a novel ride-sharing platform that enables an anonymous exchange of crude oil between oil producers and customers, focusing mainly on the product quality, not the source of origin. In our scenario, floating crude oil tankers will hold the cargo to an intermediate position in the open ocean. PTS will match the product availability based on the location and the needed quality of the customer requests. Consequently, the time and distance travelled are minimized. Our simulation results show that enabling the anonymous sharing of crude oil products can significantly enhance system efficiency and cost-effectiveness.