Case Study : BLOCK CHAIN SOLUTIONS Oil & Natural Gas Industry
- Oil & Natural Gas industry delivers millions of oil barrels each day from the raw source into the refinery and then transporting it to the consumer.
- Currently the risk of data loss from Producer to Consumer is too high.
- Secondly, the process is too complicated and tedious due to heavy dependency on each Peer and their authenticated execution of Tasks.
- On top of that, the current supply chain raises the question of the quality of the oil provided by the company.
- Companies produces different quality of oil and it is difficult to assure the Consumer that the quality of product remains the same after passing through each stage within the supply chain.
- Information could be tampered due to uncontrolled network of Peers.
Complex transactions involved in Oil and Natural Gas like Purchase Invoices, Shipping etc
Lot of time is being lost in ensuring all documents are in place and accessible to all parties including Audit compliance documents
Provide data/document quickly to the stakeholders including Auditors
Complex supply chain producers, shippers, suppliers and customers with end to end tracking
Cross border transactions requiring intermediary and additional Costs
- Eliminate Broker fees and speed up the process and transparency
- Facilitate Regulatory (ex EMIR, MiFID II)
- Increase process integrity and increase efficiency with a common database
- Reducing risk of fraud or tampering
- Trace transactions end to end
- Extend new peers at any point of time
- Contracts between multiple Stakeholders is made easy and secured through Smart Contracts.
ADVANTAGES OF BLOCKCHAIN
- Move all Paper work to digital transaction
Tracing for Compliance
- Cloud based Blockchain tracking speeds up the process enormously and builds in transparency
- Trace the Source or Origin of the Oil or Natural gas
- Top down or bottom up approach at any point of time
- Crypto Currency to make secured and speed payments Regulatory Friendly
- Cross border Compliances
- Tax deductions through Blockchain
- Multiple stakeholders collaboration in immutable way
- Visibility at each stage of transactions
- Referenced for legal disputes
- Smart Contracts