The solution enables universal, real-time access to interactions between suppliers and other key stakeholders in the oil and gas industry – reducing disputes and speeding resolution by recording a global, immutable and verifiable truth.
Resource supplies in the oil and gas industry involve dozens of interactions with suppliers and manufacturers, logistics operators, quality controllers and other participants.
An example of peer-to-peer resource supply interaction
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.
An example of blockchain-based interaction
The blockchain-based solution ensures: