Smart City & Scope of Blockchain: An Implementation of Smart Oil Supply Chain

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Traditional oil supply chain suffers from various shortcomings regarding crude oil extraction, processing, distribution, environmental pollution and traceability. It offers only forward flow of product with almost no security and tracking process. In time, the system will lag behind due to the limitation in quality inspection, fraudulent information and monopolistic behavior of supply chain entities. Inclusion of counterfeiting products and opaqueness of the system urge renovation in this sector. The recent evolution of Industry 4.0 leads the alternation in supply chain introducing the smart supply chain. Technological advancement can now reshape the infrastructure of supply chain for future. In this paper, we suggest a conceptual framework utilizing Blockchain and Smart Contract to monitor the overall oil supply chain. Blockchain is a ground-breaking technology to monitor and support the security building a decentralized type supply chain over a peer-to-peer network. The use of IoT sensors open broader window to track the global supply chain in realtime. We construct a methodology to support reverse logistics for each participant of supply chain. The functions and characteristics of Blockchain and Smart Contract are defined. We further describe the challenges of implementing such a system and validate the adaptability of our framework in real world. The paper concludes with future scope of research to mitigate the restrictions of data management and maintenance with advanced working prototype and agile system achieving greater traceability and transparency.
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Electrical and Computer Engineering
North South University
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