The current tracking and tracing of oil is a low-tech solution that does not provide enough transparency and accountability to deter theft. The industry itself was suffering losses before Covid as we collectively moved towards renewables. Post-covid we saw the market volatility in 2020 drive the cost of a barrel of oil to below 0$. This does not mean the O&G industry is dead, but it does mean that there is less room for error and loss. Our solution was to first solve crude oil theft by reconciling Bill of Lading between mid-stream suppliers and end-stream refiners from Midland, Texas to Houston, Texas.
How It's Made
To solve our problem we used solidity and the EVM to maintain an immutable real-team distributed collection of bill of lading's. We used standards such as ERC998 (composables) , ERC721 (NFTs) , ERC165, and ERC1948 (Data Tokens), to encapsulate the core logic of transferring a BOL between parties. We used reactjs to create a simple web app which supervisors and users can interact with to create/ transfer their BOL asset between one another.