Running Head: BLOCKCHAIN AND SUSTAINABLE DIGITAL INFRASTRUCTURES 1

A Report on DCC Energi’s Integration of Blockchain and Sustainability Solutions

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Executive summary
Blockchains, also known as distributed ledger accounts, are a revolutionary innovation

that has piqued the activities of the oil and gas supply companies, entrepreneurs, software

companies, financial firms, governments, as well as the academic world. Blockchains has the

potential to deliver enormous advantages and creativity for sustainability. Blockchains offer

transparency, tamper-proof, and secured systems when paired with smart contracts, can allow

innovative business solutions. This paper gives a complete analysis of blockchain solutions for

DCC energi by examining the available literature and existing business case studies. This study

also examines blockchain research projects and companies to create a map of potential and

usefulness blockchains applications to oil and gas industry that will benefit DCC energy. A

primary finding of the study is that the petroleum market's comprehension of blockchain is

insufficient, the implementation is still in the early stages of development, and the capital

expenditure is insufficient. Block chain technology can deliver many possibilities to the oil and

gas market, including reducing trading costs and enhancing effectiveness and sustainability. To

this effect, there are numerous obstacles ahead such as technological, legislative, and systems

changes. Therefore, the study recommends the integration of heterogeneous blockchain

architecture, hybrid integration, hybrids consensus methods, and with more multidisciplinary

specialists.
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1.0 Introduction

DCC energi is a Danish energy company which distributes shell’s petroleum and

petroleum products across the country. The company was founded in the year 2009 and it is the

fourth largest in the country. DCC energi is rapidly evolving to handle growing amounts of

integrated sustainable renewable oil and gas sources, including as wind and solar PV. Renewable

energies have grown dramatically in recent years aided by unbundling and privatization of the oil

and gas industry, as well as oil and gas policy measures and economic incentives (Idigova et al.,

2018). In addition to the revolutionary shift brought about by distributed oil and gas resources

including renewables, the existing oil and gas systems are on the verge of joining the digital era.

According to Andoni et al. (2019), by 2025, 40 million gas and petroleum smart meters will be

deployed in Denmark alone, one for each small company and house. To meet aggressive carbon

reduction targets, oil and gas supply companies will have to make significant investments. The

escalating demand for more sustainable oil and gas system within Denmark will need an annual

expenditure of 80 billion production, connectivity, as well as oil and gas efficiency

improvements (Andoni et al., 2019).

Moreover, it is noteworthy to mention that the potential of blockchain technologies in the

oil and gas sector is being appreciated. Andoni et al. (2019) stated that over 20percent believe

distributed ledger technology is a revolutionary for oil and gas suppliers like DCC energi. A poll

conducted by Andoni et al. (2019) collected comments from 70 managers who worked in the oil

and gas industry including DCC energi, utility companies, generators, aggregators, and network

operators. Majority of the poll respondents stated that they had begun initiatives to implement

distributed ledger innovation systems. Further, several oil and gas companies expressed their
BLOCKCHAIN AND SUSTAINABLE DIGITAL INFRASTRUCTURES 4

desire to understand the positive advantages of distributed ledger technologies (DLT) both as

sustainability enabler and low-carbon transition (Andoni et al., 2019).

Intelligent control and management are necessary to regulate required expenditures,

activities such as sustainable supply chain that are becoming increasingly difficult as petroleum

trading companies become more dynamic, decentralized, sophisticated, and ‘multiagent,' with

the rising number of participants (Zhu et al., 2020). Improved data communication transmissions

between diverse segments of the petroleum market is becoming increasingly necessary, making

supply chain management increasingly difficult. To meet these redistributed and digitalization

tendencies, local distributed management and control solutions are necessary. Blockchains, also

known as distributed ledger technology (DLT), were created primarily to allow decentralized

trades by eliminating the need for centralized control. As a consequence, blockchains may be

useful in solving the problems that decentralized oil and gas systems confront in DCC energi.

2.0 Problem statement/ research question

This research study argues from an empirically and technologically knowledgeable

approach utilizing an unbiased, academic viewpoint in evaluating the applicability and relevance

of blockchains to oil and gas market. This research seeks to fill an underpinning information gap

by offering a timely and complete evaluation of why DCC energi can adopt blockchain

technologies and sustainability solutions. To achieve this, the challenges the company will face

in achieving sustainability in low carbon emission by using blockchain will be examined. The

main research question is to investigate the opportunities and challenges DCC energi will face

when integrating blockchain it its supply chain. Some of the individual sub-research questions

are as follows.
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First, the study will provide a literature review and theoretical framework of the oil and

gas market as well as a discussion of a number of significant use cases and commercial prospects

for blockchain technology. This will explore the challenges that blockchains can solve in supply

chains, and the possible opportunities that blockchain use will provide to DCC energi.

Additionally, the report will give a comprehensive empirical analysis of existing blockchain

advancements by commercial firms and research groups. It will also examine the research

findings and prospective advancement of blockchain, giving a foundation for the technology's

acceptance, limits, market hurdles, and the possibility for broader ramifications that may arise

with the widespread usage of blockchain technology.

3.0 Literature Review

Oil and gas market decision-makers as well as utility corporations have stated that

blockchain technologies may be able to provide answers to oil and gas industry challenges.

According to Ajao et al. (2020), blockchains have the likeliness to increase the efficiency of

existing oil and gas processes and practices, promote the growth of Internet - of - things digital

platforms and online applications, as well as provide innovative ideas in peer-to-peer oil and gas

trading and heterogeneous generation. Furthermore, they believe that blockchains have the

ability to dramatically push existing oil and gas industry into sustainability and service company

operations by enhancing internal procedures, services to customers, and expenses. Due to the

many benefits provided, blockchains may be able to offer solution for DCC energi and Danish

oil and gas market. First, Blockchains may help decrease costs by improving oil and gas

processes thus achieving sustainability. Second, they may ensure optimum oil and gas security in

terms of information security. Thirdly, Blockchain may act as a support technique for the market.
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Finally, they will promote sustainable development by enabling renewable power and low-

carbon alternatives.

Blockchains have the potential to be utilized in a wide range of use cases linked to oil and

gas enterprises' activities and business procedures. Existing literature specifies possible

applications as well as business strategy components that may be influenced. According to Lu et

al (2020), consumers as well as decentralized generators can benefit from computerized billing

enabled by blockchains, consensus mechanism, and smart meters. Companies like DCC energi

may lower carbon emissions from the possibility for oil and gas electronic payments, and pay-as-

you-go technologies where customers should not have to drive to company branches to make

payments. Additionally, blockchains can also be utilized in product marketing. In this case, sales

methods may shift based on consumers' oil and gas profiles, personal choices, and environmental

considerations. Lu et al. (2020) notes that blockchain technologies, in conjunction with AI-

based techniques such as deep learning, can discover customer oil and gas habits, enabling the

supply of customized and carbon-free oil and gas market solutions. Moreover, blockchains may

also be utilized in markets and trading. Distributed trading systems powered by Blockchain

technology may disrupt market activities such as wholesale management, commodities trading

agreements, and regulatory compliance.

Additionally, blockchain may result in automated processes. Blockchains have the

potential to enhance control over decentralized oil and gas systems including microgrids (Azieva

et al., 2019). Acceptance of local oil and gas markets facilitated by decentralized Transactions or

decentralized systems can dramatically boost oil and gas self-consumption and self-

production which may have an impact on revenues and rates. Furthermore, the technology may
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support sophisticated Smart grid applications deployment and data transfer to help the company

in achieving sustainability (citation).

4.0 Empirical results

The research papers chosen for this research were related to blockchain use in the oil and

gas industry. 50% of the research papers were related to how Blockchains to reduce costs and

improve innovations. Additional 50% were related to blockchain use in achieve sustainability in

oil and gas companies.

The total transactions traded in the year 2019 for oil and gas were USD 405.6 Billion

(Elsig et al., 2019). Using distributed ledger technology in bulk trading activities is one possible

use. Azieva et al. (2019) notes that Price reporters, brokers, exchanges, trading agents, logistic

suppliers, banks, price reporters and regulators are all required third-party players in wholesale

oil and gas markets. Blockchain technology and digital signatures can enable a producing unit to

trade directly with a customer or an oil and gas retail provider like DCC energi using automated

trading agents, eliminating the need for an intermediaries (Idigova et al., 2017, Idigova et al.,

2019). Such dealers would look for the finest offer in the marketplace that meets a consumer's

projected need for a specific time frame. The contract will then be securely recorded on the

blockchain and executed automatically at the stated delivery time. Purchases will be made

automatically at the delivery time, as indicated in the agreed-upon contract (Lakhanpal &

Samuel, 2018). All participants as well as the system operator would also have privy to

transactions via a single access point, the distributed ledger. Such use scenarios would

necessitate substantial improvements in the regulatory environment, having serious implications

for the role of intermediaries like brokers, swaps, and trade organizations.
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Moreover, the petroleum business is a multi-tiered enterprise that includes discovery,

development, and refining, as well as retail and wholesale. Such stages entail a huge volume of

contracts and transactions resulting in a significant amount of balancing and monitoring

accounts. According to Lakhanpal & Samuel (2018), smart contracts and transactions are the

most common use of blockchain technology in oil and gas trade. Due to the extreme vastness and

complexity of the oil and gas sector, complex and intricate contracts may develop in the

transaction of all parties, as well as the number of contracts will also be significant. Smart

contracts may significantly decrease paperwork, streamline the process, make it more efficient,

and save money. Nonetheless, while utilizing smart contracts, inspection should be done since

inappropriate design would result in serious loss (Sarrakh et al., 2019). Smart contract security

events amounted to 6.67 percent of blockchain security breaches, and although representing for a

very modest fraction, the associated financial losses stood for 43.3 percent (Brilliantova, &

Thurner, 2019).

Many oil and gas companies are under great pressure to cut costs and increase efficiency

in order to sustain an appropriate profitability in a climate of fluctuating oil prices. In the

petroleum trading industry, the old method always results in mistakes, and the transactions are

susceptible to fraud and infiltration (Elsig et al., 2019). Technologies such as blockchain have

the potential to tackle the problem effectively. The technology can also increase the transparency

of the transactions. All parties of the trade can see all of the opposing side's transaction records

and assessments, which can increase the proposed transaction accuracy rate. Furthermore, both

parties to the transaction may view the exact condition of each stage in the transaction process,

allowing them to better control the general situation.

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Nevertheless, from a broader perspective, there are presently multinational crude oil

futures contracts such as Brent, where market players comprise refineries, processed oil

importing companies like DCC energi. Trades can be done for cross-term, cross-variety trading,

and hedging (Wu et al., 2019).  These commodities transactions entail several steps, such as

initial registration, accreditation, and clearance, making the blockchain more effective.

Furthermore, border transactions are a key use of blockchain in exchanges. Petroleum is often

traded in huge amounts, particularly between nations, with a higher frequencies of operations,

which contrasts with the magnitude of exchanges between banks. Encrypted money (e.g., Ether

and Bitcoin) can considerably lower the cost of cross-border transactions since, in contrast to

immediate transfers, they also can minimize the time necessary for middlemen, and also for fund

confirmation and liquidation (Churchill, 2015).

Additionally, many choices in administration in DCC energi must be made based on the

facts and information of the entire network to achieve sustainability (Lu et al., 2019).

Nevertheless, obtaining real - time data is difficult, and much data is held in a separate system.

Such technologies' structure, protocols, and type of data are not always the same or compatible.

Distributed ledger technology can improve the efficiency of data interchange and dissemination,

therefore increasing decision-making accuracy. Furthermore, certain judgments in the

petroleum companies need consensus at the top management, while smart contracts in the

distributed ledger offer autonomous, open polling solutions (Sarrakh et al., 2019). Besides, the

decision making process will DCC energi in developing green goods like carbon free fuels.

Additionally, blockchain has the potential to streamline the performance management

while also making it more analytical (Jabbar & Bjørn, 2018). Oil and gas pipeline networks play

an important role in petroleum systems, and indeed the pipelines are complex and hard to
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operate, particularly in terms of resource allocation. The mobilization of petroleum resources

may be rendered more scientific by uploading pertinent production and consumption data to the

blockchain and forming a smart contract. The authenticity or dependability monitoring of the

pipeline system will improve if the necessary information of the pipe network could be formed

into a blockchain. Ultimately this will prevent carbon emissions vehicle which transport its

products.

Numerous petroleum products for DCC energi are kept, acquired, shipped, and

disseminated to its customers through a range of channels, including suppliers, distributors,

subcontractors, contractors, and retail agents (Mumcular, 2020). DCC energi can collaborate

with all stakeholders in protecting the environment. For instance, when there are errors, output

and sales volumes fall, and major situations, such as damage of products can result for to

environmental damage. Blockchain technology not only records items in the petroleum supply

chain, but it also offers audit logs of equipment utilized throughout its lifetime (Francisco et al.,

2018). This increases transparency across the supply chain, lowering logistical costs and

boosting operational efficiency.

Finally, according to research, over three-quarters of US petroleum businesses had

a minimum one hacker assault in 2019 (Wang & Su, 2020). Oil companies have several

susceptible breakthroughs for cybercriminals, such as complicated versions of operating

systems as well as production processes, little overlap of information systems, real-time system

delays caused by firewalls, lack of consistency of networking technologies among different

company departments, and inconsistent upgrading of network security blotches. In case a hacker

takes control of the pipeline system, they may lead to oil spills leading to environmental effects

(Vranken, 2017). To achieve sustainability, (citation) notes that blockchain will offer real-time
BLOCKCHAIN AND SUSTAINABLE DIGITAL INFRASTRUCTURES 11

monitoring of the pipeline system. The danger of network assaults may be effectively minimized

if blockchain technology is utilized to store vital data in a decentralized way.

5.0 Discussion

Blockchain technology has emerged in the petroleum industry during the last two years.

Almost all of the world's largest energy companies have commenced to focus on the

implementation of this innovation. BP and Shell, for example, are forerunners in blockchain

technologies in the energy industry (Kadry, 2020). In 2017, a company named Sinachem Group

from China succeeded in completing the implementation a blockchain system to facilitate the

importation of petroleum and its products from the Middle East (World Bank Group, 2018). To

achieve this, the project can involve smart contracts and digital billing as the major applications

(Zhu et al., 2020). This application can be adopted by DCC energy to optimize transactions by a

percentage of 20 to 30.

5.1 Opportunities in the Carbon-markets

At the moment, the greenhouse gas emission market is witnessing issues including a high

volume of emissions quota certificates and difficulties tracing financial data (Mumcular, 2020).

Technologies such as blockchain can be used to create an intelligent management system for

greenhouse gas emission rights certifications and trade. Multiple programmers are focusing on

using blockchain technology for the automatic issuing and trade of renewables or carbon

certificates. Market mechanisms for sustainable certificates, carbon offsets, or overall

environmental characteristics are currently scattered and complicated (Fu et al., 2018). Due to
BLOCKCHAIN AND SUSTAINABLE DIGITAL INFRASTRUCTURES 12

the significant expenses connected with the operation, small energy providers are effectively

barred from claiming carbon credits. Furthermore, audit processes are frequently managed

manually by a centralized power, making them prone to mistakes and even corruption.

According to Giungato et al. (2017), blockchains could automate the issuing of green

certificates (even for low output energy), minimize transaction fees, create a global marketplace

for these kind of assets, enhance market openness, and eliminate double-spending. The

accreditation and certification of offered services is one of the constraints of a blockchain system

in this sector. Monitoring systems connected with blockchain technologies, for example, may

autonomously certify one's renewable energy (Livingston et al., 2018). Each ton of emissions, as

well as all transaction details, can be tracked with this technique, eliminating manipulation and

asymmetric information (Fu et al., 2018).  For instance,   China Certified Emission Reductions

(CCER) will be sold as digital content known as "carbon tickets." Each greenhouse gas ticket

does have a unique ID, which is time signed and stored in blockchain (Zhu et al., 2020).

Emissions trading would be carried out automatically using smart contracts. Moreover, BLOC a

digital solution company in Denmark is investigating the use of blockchains in the community

and local energy markets (Giungato et al., 2017). The project is also focusing on utilizing

machine learning and artificial intelligence together with blockchain in developing a

decentralized carbon market.

5.2 Key challenges

The blockchain initiatives and research projects discussed in this paper demonstrate that

blockchain technologies are a potential technology for a multitude of applications and use

scenarios in the oil and gas industry.

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To begin with, blockchains must demonstrate that they can provide the scalability,

efficiency, and safety necessary for the intended use cases (Andoni et al., 2019). Although

development on decentralized consensus mechanisms, which are critical to attaining these goals,

is currently underway, a system that incorporates all required features cannot yet be obtained

without substantial trade-offs. Proof-of-work algorithms are more sophisticated and secure, but

they are also sluggish and use a lot of energy (Sarrakh et al., 2019). As a response, blockchain

enterprises are constantly focusing on PoS systems which are more environmentally friendly,

quicker, and scalable. Technologies such as 'sharding,' which permit parallelism, are also

promising. These approaches, unfortunately, frequently come at the price of privacy and

decentralization (Muayad, 2021). Early users of blockchain technologies confront the difficulty

of choosing the system architecture and best agreement method without a solid long term view of

the benefits and drawbacks of each option. As a result, it is evident that blockchains already have

surpassed the proof of concept phase for a number of applications, but that additional

development is required to meet desirable performance and operational goals. Some newer

innovations of blockchain, like as the Energy Web, can handle thousands of transactions per sec

(Ajao et al., 2019). Future similar advancements will have a substantial impact on blockchain

adoption in a variety of applications, including IoT systems and services that demand very quick

verification and a high transaction volume.

According to Fu et al. (2018), substantial impediments to technological development

exist in both the laws and regulations spheres. Consumer' active engagement in oil and

gas markets is encouraged by regulatory agencies. Furthermore, some governments have

developed supporting measures for regional or local fuel systems with the goal of lowering

consumer prices, promoting low-carbon technology, and addressing fuel poverty. Blockchain
BLOCKCHAIN AND SUSTAINABLE DIGITAL INFRASTRUCTURES 14

technology can help or expedite such goals, and so align well with present regulatory agendas;

but, regulatory frameworks would need to be modified to allow for more DLT use (Orecchini et

al., 2018). Additionally, Because P2P trading systems are still in the early phases of evolution,

their usage is still restricted (Jamil et al., 2021). Nevertheless, these technologies have the ability

to significantly alter the responsibilities of existing oil and gas firms, like energy providers, who

are licensed monopolies in certain nations and own all the network resources (Orecchini et al.,

2018). Indeed, regulatory agencies have provided special authorization to pilot programs testing

such innovative markets in order to investigate possible advantages for users and petroleum

market operations.

Additionally, blockchains have begun to demonstrate their promise in decentralized

microgrids, although they face difficulty in adjusting, and synchronization also with national grid

(Sarrakh et al., 2019). Oil and gas trading must be harmonized with grid connection behavior,

and continued decentralization may result in more complicated energy system management

overall. Peer- to-peer marketplaces and small microgrids may potentially hasten grid desertion or

result in significant underutilization of network assets. Furthermore, regulatory agencies are in

charge of establishing consumer’s privacy protection standards. According to Mumcular

(2020), the new European Union regulation on customer data is a notable example. Users of

blockchain technology must be recognized in order to be ready for any obligations, but user or

business confidential information, including the pricing negotiated among a petroleum supplier

and a client inside a smart contract registered in a blockchain, should stay secret. Whenever data

from numerous partners is stored in shared ledgers, mechanisms for data protection, secrecy, and

authentication mechanism must be established.

BLOCKCHAIN AND SUSTAINABLE DIGITAL INFRASTRUCTURES 15

Moreover, smart contracts must be linked into regulatory code to ensure accordance with

the act as well as environmental protection (Wu et al., 2019). This is not always obvious who

bears technical and legal accountability for negative implications of diverse parties' activities in a

decentralized system design. For example, if a significant assault is successfully launched as a

result of a hardware or software defect in the system, there is no centralized authority to whom a

customer may direct their concerns, as is now the case. In blockchain technologies, confidence is

placed in the system instead of a recognized authority.

Lastly, the lack of uniformity and adaptability is a key problem that may hinder

blockchain adoption (Andoni et al., 2019). Guidelines for blockchain topologies must be created

in order for technological solutions to communicate with one another. Another difficulty is that if

a blockchain system is in place, any modifications to the governing algorithms or code must be

authorized by the network nodes. This has traditionally resulted in disputes among programmers

and several system breaches in blockchain environments (Andoni et al., 2019). Such concerns

may result to distrust and divergence if blockchain technologies are widely used in energy

systems. Furthermore, blockchain acceptance may be hampered in some situations by the poor

image associated with Blockchain's initial days and its involvement with illicit activity, but as

blockchain technologies develop, this element may be less popular over the years.

6.0 Recommendations

The oil and gas industry is faced with many sustainable challenges since petroleum but

the participants must act accordingly to minimize environmental damage such as oil spills,

pipeline bursts, and carbon emissions (Wu et al., 2019). Blockchain technologies are being used

in the market to ensure efficiency in achieving sustainability and ensure that the company cuts its
BLOCKCHAIN AND SUSTAINABLE DIGITAL INFRASTRUCTURES 16

expenses across the supply chain. This report recommends the following to ensure

sustainability:-

1. Development of Hybrid blockchain architecture to accommodate information from more

players in the industry.

The current Blockchains usage in the oil and gas industry is privatized and the public has no

access to the information available. A Hybrid blockchain will incorporate the public blockchain

and the public will have the opportunity to trade, and provide complains about issues concerning

the environmental damage by specific companies products.

2. Utilization of other technologies like artificial intelligence, deep learning, cloud

computing and big data.

The current blockchain in the oil and gas industry are private and only accessible to

manufactures and big traders (Wu et al., 2019). Therefore, it is importance to involve the public

and this will lead to the use of big data, artificial intelligence among other technologies. For

instance, big data will help these companies get customer feedback on harmful products and help

the manufacturers to be more innovative (Rejeb, & Rejeb, 2020). Additionally, this will help in

tracking the hydrocarbons throughout the supply chain.

7.0 Conclusion

This report presents DCC energy oil and gas company with information on opportunities

and challenges which it can face while adopting blockchain in its business to make company

more environmentally sustainable while doing business. Companies like DCC energi must deal

with a range of social challenges, including shareholders, safety issues, and staff health concerns.

In addition, general community connections might suffer. Furthermore, the oil and gas sector
BLOCKCHAIN AND SUSTAINABLE DIGITAL INFRASTRUCTURES 17

must cope with fraud and ecological harm because the use of these commodities is damaging to

the planet. Therefore, the company is facing stiff competition from the upcoming renewable

sources of energy making it to turn sustainable measures to increase profitability. Blockchains

and sustainable digital infrastructures are providing the solution. First, the company will be able

have better waste management and recycling. DCC energi will be able to track the products

through its supply chain from the oils drilling plants to the final consumer. This will help the

company propose better decisions of managing the wastes produced to be sustainable.

Furthermore, with blockchains, the company will be able to access information of user habits to

understand which products are not preferred by users. This will provide information for industry

to use to foster innovation in making carbon-free oils and gas.

BLOCKCHAIN AND SUSTAINABLE DIGITAL INFRASTRUCTURES 18

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