Blockchain and its Big Impact

Blockchain is exhibiting its perks in many other dynamic industries such as the oil & gas and chemical industry

Process Worldwide‘s Market Trend article features Blockchain technology. Ahlam Rais of Process Worldwide reports that blockchain is making its presence felt in the oil and gas as well as the chemical industry. Our Chief Technology Officer, Arun Samuga, elaborates on three advantages of blockchain in the chemical industry – Capital intensive manufacturing, operations and maintenance; need for end to end visibility into their supply chains; and recurring contract negotiations and need for creative financing.  Below is an excerpt from the article:

“…Need for end to end visibility into supply chains: The transformation of products from petrochemicals to basic chemicals to specialty chemicals to distributors (intermediaries) to OEM manufacturers is a very long journey that goes through multiple buy, sell, make and deliver cycles. Similar to the oil and gas industry, this poses a significant challenge in terms of end to end visibility at every stage. Different participants in the supply chain can trigger participation through a block chain solution if their activities are modeled through distributed ledgers and smart contracts. This makes supply chains more efficient and more tolerant to risk by enabling end to end visibility.”

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