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.
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.
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.