Abstract
The traditional oil supply chain suffers from various shortcomings regarding crude oil extraction, processing, distribution, environmental pollution and traceability. It offers only forward flow of products with limitations in quality inspection, fraudulent information and monopolistic behavior of supply chain entities. Inclusion of counterfeiting products and opaqueness of the system urge renovation in this sector. Technological advancement can now reshape the infrastructure of the supply chain for the future. Here, a conceptual framework utilizing blockchain and smart contract to monitor the overall oil supply chain is suggested. Blockchain is a used to monitor and support the security building of a decentralized type supply chain. The Internet of Things (IoT) sensors open a broader window to track the process and attributes in real time. A methodology to support reverse traceability for each participant of the supply chain is constructed. Implementation of smart contracts is also shown with detailed analysis. The challenges of implementing such a system are further described and our framework's adaptability in the real world is validated. The paper concludes with future research scope to mitigate the restrictions of data management and maintenance with advanced working prototypes and agile systems achieving greater traceability and transparency.
Highlights
Chain Management (SCM) in the oil industry holds great importance for its expansion and global market
The results show that blockchain adoption can be a potential solution for reducing the risks in supply chain management
We write the program with the help of solidity language. Another benefit of using Remix is it can compile and deploy smart contract in the blockchain like we have shown in our framework
Summary
Chain Management (SCM) in the oil industry holds great importance for its expansion and global market. SCM can be coined as the flow of ingredients from production to consumer It includes several phases from supplying raw materials to end customer including manufacturer, distributor, retailer, etc. For the oil supply chain, these entities are an industry or a company. There are certain limitations in tracking, monitoring, and giving the end customer power to reverse track It generally goes with the forward flows i.e., the raw materials' flow to final products (Li & Olorunniwo, 2008; Prahinski & Kocabasoglu, 2006). The concept of Blockchain comes from the idea of an immutable and decentralized system It is a distributed ledger technology (DLT) for a trustless environment(Prashanth Joshi et al, 2018). In Blockchain all the members are treated like a server and they are treated They can share data directly peer to peer (P2P). Each of them has specific characteristics through the uniqueness lies in the geographical region of the network (Bodkhe et al, 2020; Compagno et al, 2020)
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