Success in digital strategies is predominantly measured in three key verticals: reducing costs, increasing productivity, and streamlining supply chain processes. In order to achieve these goals in the Oil & Gas industry, a trusted ecosystem is needed that enables secure data sharing across business units and organisations, which can allow stakeholders access to certified and validated information. Only then, will transparency and accountability be introduced along the entire length of the value chain.
One digital technology that meets all these requirements is blockchain. The World Economic Forum recently published its blockchain toolkit in which it referred to blockchain as the best thing to happen to supply chains since standardised containers. We were delighted that two of Finboot’s projects, one in Oil & Gas and another in Aviation, were featured as examples of successful blockchain adoption.
At Finboot, we understand the needs of the Oil & Gas industry and how the principles of blockchain technology can help to address them. We have created a unique production-ready suite of blockchain applications and middleware solutions for value and supply chains, called MARCO, with the purpose of simplifying and accelerating the adoption of blockchain technology in industrial ecosystems.
Key features of MARCO:
- MARCO delivers plug and play enterprise software applications that strip away the complexity of blockchain adoption. Our solutions are fully configurable to adapt to your sector or language, etc., and are focused on delivering ease of use.
- MARCO is all about customer ROI: we start small, test your business case and only scale those solutions that have proven to be profitable for your business.
- MARCO is agnostic when it comes to the underlying technology and can build on top of any of the multiple blockchain frameworks: as a result, using MARCO allows your blockchain solution to evolve hand in hand with its emerging ecosystem.
To better understand how MARCO can be used in the Oil & Gas industry, let us present to you one of our most successful use cases with Spanish energy giant Repsol.
- The problem: Products such as fuels, lubricants and chemical compounds which are made in refineries share a common feature: they are high-quality products with complex, heavily regulated supply chains. The lack of traceability in these supply chains can lead to a lack of transparency and information on the industrial processes and raw materials being used. This means that time-consuming and costly processes are required to guarantee the quality and compliance of the products.
- The blockchain solution: By implementing MARCO TRACK & TRACE, we are able to digitalise Repsol’s petrochemical samples at their point of origin (the refinery), and follow those samples as they are processed throughout the supply chain into finished products.
- The process: With MARCO TRACK & TRACE, Repsol users can request certification of a sample on the web application, which creates an equivalent digital asset and registers it in a blockchain. Digital identities are then used to validate the asset’s current custody and the user’s permissions over said asset. This technology is consistent because the process of registering the assets’ characteristics and transferring this information between members of the network follows protocols that ensure the integrity of the information. MARCO is also able to integrate with legacy systems; for example, Repsol successfully connected its ERP and laboratory management systems to the MARCO environment.
- The result: This solution hits on all three verticals of success mentioned previously: cost reduction, increase in productivity and streamlining of the supply chain. MARCO is now being scaled across several Repsol’s different refineries, laboratories and chemical complexes in Spain, tracing samples in at least two business areas.
In addition to expanding further into Repsol’s supply chain, we are also working further move into the interconnected segments of this sector and adjacent industries, including Pharmaceuticals and Plastics. We believe that MARCO can add significant value in these areas by enabling cost savings and increasing productivity.
This development fits perfectly into our broader mission to advance the delivery of digital technologies and facilitate their adoption in industrial ecosystems, and we look forward to working with many more businesses in many more sectors to achieve this.