A Blockchain-Based Model for Secure Information Dissemination to Enhance Investor Confidence in Nigeria’s Oil and Gas Sector

The problems of inconsistent reporting, the visibility of data, and the practice of regulation have greatly affected the confidence of stakeholders in the oil and gas industry of Nigeria. This study attempts to identify the issues and evaluate a permissioned blockchain model designed to alleviate the issues in reporting. The Model uses the Hyperledger Fabric (HF) architecture and combines smart contracts with role-based access control to ensure the safekeeping of data, timely verification of data, and the maintenance of compliance records that are audit-able and retrievable. The model was assessed using a variety of methods. The researcher utilized the development of the system architecture, carried out controlled simulations, and distributed surveys to the industry stakeholders. Results from the simulations showed that the model provided an improvement in the strength of transaction integrity, auditability, and an overall improvement in fault tolerance when compared to traditional reporting systems. Participants in the survey recognized potentially positive changes in transparency and predictability, even if these views were conditioned by the transparency of the institution and the operational environment. The system is designed to improve the available data governance and reduce instances of data capture. The system simulated a range of 198 to 1240 transactions per second and had a latency of between 118 to 226 milliseconds. Integrity tests showed full recognition of attempts to modify data which stakeholders' surveys showed 78-91% agreement for questions related to transparency, trust, and use case clarity.