The oil and gas industry is transforming itself into a data-intensive industry with the addition of artificial engineering intelligence, cognitive computing, machine learning, internet of things and robotics. With the growth and expansion, various exponential technologies can carry the energy industry's transformation forward in the new era of cyber-automation and more so on the cyber-physical -automation. Blockchain technology can drastically streamline the current complex matrix of activities from seismic to production and abonnement. The existing integration and management of various disciplines is very expensive, requires several disciplines that are sometimes disjointed and siloed, and is exceedingly complex in the course of the digital well program and as we receive more and more data. With blockchain as a common technology, firms may more easily handle the many digital procedures, operational tasks, diverse vendors, production schedules, and supply chains that affect how the digital well program and schedules are made.
In this paper, the full lifecycle system—which can serve as the lifecycle's template—is discussed. It can be housed on a permissioned blockchain. Blockchain has been discovered to streamline and facilitate open collaboration because to its inherent qualities of trustworthiness and transparent execution of transactions involving numerous parties. By making asset transactions transparent and flexible, it facilitates data sharing among several businesses, providers, and partners, making it simple to connect the real world to the digital one through the use of edge devices and cloud computing. This approach has been discovered to offer crucial characteristics of privacy and auditability while limiting ledger size, in addition to transparency and efficiency. In order to balance the competing demands of privacy and openness, peer identities are concealed from one another while they agree on transaction outcomes. Additionally, data will never be exchanged among blockchain peers without the owners' express permission. Blockchain is a decentralized peer-to-peer digital ledger technology that has a lot of promise for the digital well program. A local peer communicates with an associated anchor peer inside the global network and a common database like Open Subsurface Data Universe in the system, which is built for both intra- and inter-organizational transactions like Open Subsurface Data Universe (OSDU).