Blockchain and Automation Help Debottleneck Supply Chain Management Process
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Procurement data such as invitation to tender (ITT), request for proposal (RFP), request for quote (RFQ), contract award, work completion certificate (WCC), and invoice will be distributed among the nodes uniformly at the same time, making it impossible for cyber-invasion on all the nodes at the same time.
Blockchain has been identified industrywide as the next level in SCM operations because of its transparency, efficiency, data security, reduced costs, traceability, smart contracts, and unbroken chain of transaction history. Blockchain implementation will further enable an easy audit trail, automated and transparent issuance of ITT/RFP/RFQ to vendors, end-to-end SCM automation with secured data, and a quality reporting system. Blockchain technology also can enhance supply-chain manpower efficiency and hydrocarbon production.
The paper identifies the following problems and challenges faced by the oil and gas industry in SCM:
- Lack of an end-to-end automated process
- Unnecessary time spent on request and strategy to select because of the disjointed systems in SCM
- Manual issuance of ITT/RFP/RFQ one after the other
- No structured vendor database; lack of trusted vendor (contractor’s) appraisal records
- Vulnerability of the current system to cyberattack
- Poor reporting
- Difficulty in spooling needed information
- Uneasy audit trail
- Lack of transparency
- Data loss and data inconsistency
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