We are developing a solution to transparently and securely track assets in a multi-party supply chain environment. SICCAR, our distributed ledger technology platform, enables organisations to collaborate on sensitive data and support multiple parties to work together with consensus, confidentiality, resiliency and scalability. All transactions about the asset are sequentially ordered, visible and immutable, creating a permanent record – a single source of truth - for accountability. The data recorded is digital, and so eliminates the need for paper.
Reducing paperwork - and the delays operating which it creates - can be achieved by developing digitally native processes in the oil and gas sector via SICCAR. The consortium’s project with SICCAR is predicted to reduce costs by 3+%: in a multi $tn industry, that 3+% is $bns saved. There are also potential benefits for health, safety, security and environment (HSSE) performance.