Question

Shipping vast quantities of oil and gas supplies is a complex process that requires the participation of many different parties. Any delays in shipping, or possibility of fraud, across the entire supply chain could cost the industry billions of dollars. How could blockchain technology be applied to address this problem?

Answer 1

Answer:

hops it helped

Explanation:

Supply chain relationships in the chemicals and petroleum industry are as vast and intricate as the geographies in which they operate. ... This applies across all ... As a result, all participants in the supply chain incur costs and delays ... there will always be multiple suppliers throughout the supply chain.

Answer 2

Blockchain can help by digitising and providing accurate end-to-end tracking.

• To the point monitoring in the supply chain may become more accurate and transparent thanks to blockchain technology.
• The ability to monitor assets from production through distribution or end-user use is made feasible by organisations' ability to digitise physical assets and build a decentralised immutable record of transactions.
• The ability for all stakeholders to follow the shipment in real time might boost efficiency, thereby reducing delays.
• Further, it can lower risk, fraud and costs by automatically providing and automatically tracking all required shipping, financial, and insurance papers.
• It also makes it possible to digitise these papers into safe, smart B/Ls, speeding up the shipping approval procedures while lowering the risk of fraud.
• Further, in shipping this technology can decrease administrative delays at ports and customs, resulting in a more effective worldwide shipping system.

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