17-04-24 | Philip Olaseni Shoetan, Babajide Tolulope Familoni
This paper explores the transformative impact of blockchain technology on financial security and operational efficiency, particularly in the context of green logistics within the oil industry. The review examines blockchain's applications beyond its initial use in cryptocurrencies, focusing on its potential to enhance transparency, security, and efficiency in various sectors. Key findings highlight that blockchain can significantly improve financial security and operational efficiency, offering a robust framework for transparent, immutable transactions and supply chain oversight. However, the comparative analysis between Nigeria and the USA reveals divergent adoption levels and outcomes due to differences in technological readiness, regulatory frameworks, and commitment to sustainability goals. The paper emphasizes the need for collaborative efforts among policymakers, industry leaders, and technology providers to overcome challenges and fully realize blockchain's potential in enhancing green logistics and sustainability within the oil industry.This paper explores the transformative impact of blockchain technology on financial security and operational efficiency, particularly in the context of green logistics within the oil industry. The review examines blockchain's applications beyond its initial use in cryptocurrencies, focusing on its potential to enhance transparency, security, and efficiency in various sectors. Key findings highlight that blockchain can significantly improve financial security and operational efficiency, offering a robust framework for transparent, immutable transactions and supply chain oversight. However, the comparative analysis between Nigeria and the USA reveals divergent adoption levels and outcomes due to differences in technological readiness, regulatory frameworks, and commitment to sustainability goals. The paper emphasizes the need for collaborative efforts among policymakers, industry leaders, and technology providers to overcome challenges and fully realize blockchain's potential in enhancing green logistics and sustainability within the oil industry.