Project Description
Vertrax Revolutionizes Their Supply Chain Logistics Using IBM Blockchain on Multicloud
Breakthrough capability allows oil and gas tracking, savings like never before
The Vertrax Blockchain delivers end-to-end tracking within the fuel supply chain by leveraging Vertrax’s existing and new oil and gas logistics systems and iOT devices. The solution provides total asset visibility and significantly reduces supply chain costs by leveraging the power of the IBM Blockchain platform on AWS.
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The Challenge
Vertrax required greater visibility throughout the oil and gas supply chain—many oil and gas companies are using outdated systems for record tracking which in turn results in very high operating costs.
The Result
Built on Hyperledger Fabric using the IBM Blockchain platform on AWS, Vertrax Blockchain provides total asset visibility and significantly reduce supply chain costs.
Features & Highlights
Security
blockchain ensures data is shared in a secure, tamperproof way
Scalability
using blockchain on AWS enables Vertrax to increase or decrease the size or power of the solution in mere minutes
Accessibility
the multicloud allows for greater customer adoption within the supply chain
Watch the video to learn how Chateaux’s strategic partnership with IBM,
as part of the IBM Blockchain Ecosystem, paved the way for the Vertrax Blockchain.
The Challenge
Vertrax identified the need to standardize existing logistics systems for oil and gas supply companies. Many companies were using out-dated systems including paper record tracking, which in turn largely required oil and gas companies to expend large funds on operation costs. The aim was to create an accessible way to share real-time data among all supply chain participants between their varying computing environments. This enables them to make critical decisions quickly with weather changes, technical issues, prices changes or any other factors that may disrupt the chain.
The Approach
There are many factors to consider when trying to predict the impact of a disruption within the oil and gas industry. The Vertrax Blockchain gathers weather data, logistics data, transportation data, and more to give insight to retailers, suppliers and everyone within the supply chain. This data is needed in real time in order to make an impact, such as prior to or during hurricane versus after it.
Therefore, a key component of this blockchain solution was the ability for it to work on multiple cloud platforms. The network operator resides on AWS, while all network members have the ability to operate in any cloud or on-premise environment
IBM Blockchain was the perfect fit. It’s the only solution that can run on multiple cloud environments. It can be started up in AWS and then have other clouds connect to the platform. Chateaux brought together technology to be used in a collaborative way for a variety of stakeholders.
The Result
Chateaux developed a blockchain solution that delivers end-to-end tracking from where the oil is drilled at the well to the residential end user by leveraging Vertrax’s existing and new oil and gas logistics systems and IoT sonar sensors. The web app, built using IBM Blockchain, works on more than one cloud, allowing for greater customer adoption in addition to out-of-the-box functionality like security and data privacy. Oil and gas bulk liquid distributors can gain insights into the supply chain thanks to distributed ledger technology without compromising their proprietary information.
Right now, the Vertrax Blockchain can scale for millions of transactions. The future will also include application of artificial intelligence to gain even more insight into the data than what humans can currently predict.
Instead of spending years and millions of dollars to build something it took us, what…nine months? I’ve been doing this for 30 years, and I can think of one project that comes in on budget and gets done on time, and it’s this one. It’s the only one I can think of.
About Vertrax
Based in New Haven, CT, Vertrax is the leading provider of Supply Chain Management solutions within the oil and gas bulk liquid distribution supply chain. From bulk hauling crude oil, NGLs and propane to “last mile” retail propane and fuel oil delivery to sonar-based liquid inventory management and monitoring focused on residential and commercial customers and suppliers. Their software enables truckers, dispatchers, and business owners to optimize and have full visibility of their fleets and operations throughout the supply chain. The easy implementation of Vertrax’s solutions can reduce per-delivery costs by as much as 30%.
