How EPC Industry Can Benefit From Blockchain Technology
Dailycsr.com – 16 February 2020 –We are all quite familiar with the term BitCoin, while “blockchain” is its product which is used as a crypto-currency and as a product is useful.
The word Blockchain came into existence following the discovery of the developers whereby they used the “underlying technology from the BitCoin currency for other purposes”. The EPC industry, in other words, the “engineering, procurement, and construction” is one such sector which could use the “new applications of this innovative technology” to its benefit stripping off the “crypto-currency layer” instead using it as a “record-keeping system”.
Blockchain as a digital ledger can be distributed “across a peer-to-peer computer network”, which the contents are not alterable once they get recorded. The information can be accessible to multiple parties who can also add to the content without subtracting anything.
Furthermore, each party in the network has a copy with can be verified “against the other copies across the network to provide multiple points of verification for transactions or exchanges between parties”. These records are turned into chronologically arranged encrypted blocks with a timestamp and a “unique identifier” hash.
Thanks to these fail-safes, it becomes almost impossible to “alter or recreate the chain”. Likewise, companies from multiple sectors are already using blockchain for streamlining their “supply-chain processes”, wherein data can be recorded on “material purchased from suppliers for authenticity and verifications” while generating a real-time ledger.
Capturing data this way at every step, verifiable by all the parties will ensure correct process put in place, while purchasing the right product at the right price.Furthermore, with blockchain technology one can eliminate “duplicate transactions and other misinformation” besides cutting down on the time to produce “account verifications and reconciliations”.
In fact, start-ups as well as commissioning teams can also use blockchain to “run operational tests” for ensuring the required “electrical and mechanical” conditions are met with along with providing “all the necessary operating instructions and control documents”.
Furthermore, blockchain can also serve as a system for ensuring “manufacturers’ installation manuals” come with “purchased material” through “smart contracts” feature of blockchain. With the said feature, following the “necessary documents are gathered and a work package is created”, the field engineers could be notified by smart contracts for reviewing the packages.
According to Bechtel’s “Innovation Implementation Lead”, Cyril Merienne:
“Once reviewed, the package would then be sent automatically to the foreman, who can start building with all required information, thus expediting the installation process and ultimately accelerating project delivery”.
Above mentioned examples are only handful option for “blockchain system functionalities” which can reduce “manual transaction and processing” and hasten “verifiable execution of work in the EPC world”. While Merienne added:
“Looking to the future, blockchain’s impact on the EPC industry will surely continue to grow as new applications are explored and developed”.
For further reading, kindly click on the link provided below:
http://bechtel.com/blog/?utm_source=3blmedia.com&utm_medium=pr-referral
References:
3blmedia.com
The word Blockchain came into existence following the discovery of the developers whereby they used the “underlying technology from the BitCoin currency for other purposes”. The EPC industry, in other words, the “engineering, procurement, and construction” is one such sector which could use the “new applications of this innovative technology” to its benefit stripping off the “crypto-currency layer” instead using it as a “record-keeping system”.
Blockchain as a digital ledger can be distributed “across a peer-to-peer computer network”, which the contents are not alterable once they get recorded. The information can be accessible to multiple parties who can also add to the content without subtracting anything.
Furthermore, each party in the network has a copy with can be verified “against the other copies across the network to provide multiple points of verification for transactions or exchanges between parties”. These records are turned into chronologically arranged encrypted blocks with a timestamp and a “unique identifier” hash.
Thanks to these fail-safes, it becomes almost impossible to “alter or recreate the chain”. Likewise, companies from multiple sectors are already using blockchain for streamlining their “supply-chain processes”, wherein data can be recorded on “material purchased from suppliers for authenticity and verifications” while generating a real-time ledger.
Capturing data this way at every step, verifiable by all the parties will ensure correct process put in place, while purchasing the right product at the right price.Furthermore, with blockchain technology one can eliminate “duplicate transactions and other misinformation” besides cutting down on the time to produce “account verifications and reconciliations”.
In fact, start-ups as well as commissioning teams can also use blockchain to “run operational tests” for ensuring the required “electrical and mechanical” conditions are met with along with providing “all the necessary operating instructions and control documents”.
Furthermore, blockchain can also serve as a system for ensuring “manufacturers’ installation manuals” come with “purchased material” through “smart contracts” feature of blockchain. With the said feature, following the “necessary documents are gathered and a work package is created”, the field engineers could be notified by smart contracts for reviewing the packages.
According to Bechtel’s “Innovation Implementation Lead”, Cyril Merienne:
“Once reviewed, the package would then be sent automatically to the foreman, who can start building with all required information, thus expediting the installation process and ultimately accelerating project delivery”.
Above mentioned examples are only handful option for “blockchain system functionalities” which can reduce “manual transaction and processing” and hasten “verifiable execution of work in the EPC world”. While Merienne added:
“Looking to the future, blockchain’s impact on the EPC industry will surely continue to grow as new applications are explored and developed”.
For further reading, kindly click on the link provided below:
http://bechtel.com/blog/?utm_source=3blmedia.com&utm_medium=pr-referral
References:
3blmedia.com
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