ECOSC.io

Imagine the time which will be saved, the cost efficiency, the transaction speed, and the increased cash flow due to such autonomous system. Such a system will reduce a whole lot of complexity from the current sophisticated supply chain model in the oil and gas industry, and it will bring an edge to Majors & NOCs who adopt such solutions against their competition.

• In order to be successful in such a razor-sharp profit business, a company must have a reliable data management system and a secure date trans- mission mechanism.
• By utilizing Block-chain technology, which offers various parties to operate within the same network, the involved parties can get all validations done digitally and securely on the same network, eliminating manual processes, physical paper-based work, human intervention and wastage of time.
• Smart contracts can actually a digital equivalent of the performance-based contracts, such contracted can automatically get executed based on pre-defined terms and conditions, for example executing a payment once a particular delivery is made.
• Block-chain can dramatically reduce reconciliation processes due to the data immutability and integrity which is stored in the ledger, such properties allow the facts & figures to get automatically reconciled by the system.