Resource supplies in the oil and gas industry involve dozens of interactions with suppliers and manufacturers, logistics operators, quality controllers and other participants.

Interaction is based on data from various participants. If discrepancies between data from several participants are uncovered, they have to be resolved. That takes time and resources and involves excessive document flow. Resolving issues of this kind leads to extra costs and, potentially, serious financial losses or reputational damage.

Still, each participant insists on their version of the “truth”, and interaction between participants is exercised by exchanging documents — mostly created manually, without any automation.

Blockchain technology facilitates creation of a single information environment for interaction between all supply participants and automation of the document creation and exchange process.

Data recorded to the blockchain is timestamped, which means that each participant in the supply process has a comprehensive history of transactions sorted chronologically and can be sure that other participants see the same information. This data is stored in a decentralized way and verified on each blockchain node — i.e. by each participant of the supply process.

• A single version of “the truth” for all participants
• Transaction of supplies

• Faster and easier document flow
• Access to an effective dispute resolution tool for participants