DLT and the Oil and Gas Supply Chain Project
Wallet.Services, The University of Strathclyde’s Advanced Forming Research Centre (AFRC) and Lloyd’s Register are collaborating with Baker Hughes, a GE company, and Chevron to develop a digitised use case of distributed ledger technology (DLT) to support the global oil and gas supply chain.
This consortium has been awarded funding from The Oil and Gas Technology Centre for delivery of the project. This will provide an easy to interrogate, searchable, verifiable data record accessible through cryptographically secure permissions granted to certain stakeholders across the full vertical supply chain. The solution will unlock data management and efficiency opportunities for the oil and gas sector by enabling greater control of the delivery of products. It will provide a clear and transparent view on procurement, manufacture, and assembly activities within the supply chain for purposes of efficiently deploying assets into the field.
Phase 1 of the project will deliver an industry demonstrator that will showcase the digitisation of a traditionally paper-based process. This will demonstrate the advantages of utilising private and permissioned distributed ledger technology for managing supply chain traceability, in comparison to conventional methodologies.
The future phase will move into development of industrial connectivity with a focus on Industry 4.0, in particular, Industrial Internet of Things (IoT) bringing improved accuracy, and faster quality assurance, through the utilisation of smart machines, measurement equipment, and wireless connectivity. Further development will include realising Enterprise Resource Planning (ERP) capability into the system, in collaboration with industry partners.
Interested in getting involved?
Working with the project consortium, you will be uniquely positioned to frame and inform the digitisation of supply chain traceability for high-integrity assets, through unique application of distributed ledger technology. This will allow for efficiencies and innovative risk management opportunities, which will enable further optimised product and project delivery.
Get in touch with our industry expert Dr Hannah Rudman to find out more.