Wood is delivering a first-of-its-kind blockchain deployment contract on behalf of Shaanxi Coal and Chemical Industry Group Yulin Chemical Company (SHCCIG Yulin) in Yulin City, China.
As one of the most hyped and least understood emerging digital technologies, blockchain is radically changing the way organisations can transact in business. Blockchain is a system of recording information in a way that makes it impossible to change, hack, or cheat.
Blockchain-based solutions provide a single, permission-based ledger which can be securely shared amongst all participants within a network to deliver greater visibility, clarity and efficiency on daily transactions.
Wood’s global digital team is developing blockchain technology into SHCCIG Yulin’s information management system for strategic asset investment in China, building the system, exploring more applications and investigating wider market deployment opportunities.
Jerry Pan, Director of Data Center at Wood, said: “We are pleased to be working with SHCCIG Yulin on this exciting project which, for the first time, sees blockchain technology being deployed to support the document management system in China’s energy industry.
“A blockchain-based system eliminates the need for separate paper records to be maintained. It provides security around the identity of the users associated with the document and any approvals as well as providing a tamper-proof storage repository to store the associated document.”
The project is integrating the document control process, electronic signature and stamp management with other business systems, leveraging blockchain technology to build one suite of document systems instead of operating in parallel both physical and electronic documents. The technology used will reduce the cost of the physical archive space, manhours spent on archive management and will accelerate work efficiency with the delivery of digital, authentic and unalterable documents within this system.
It is estimated that this blockchain-based system will reduce labour costs by 70%, saving approximately 1 million RMB each year as well as reducing construction costs for the storage facility by as much as 86%. As the blockchain archive system grows, the digital project information will also serve as a source of high-quality data for future machine learning applications.
Philip Black, Global Emerging Solutions Lead and Blockchain Specialist at Wood, said: “By leveraging Wood’s industry-specific knowledge and expertise, we are confident that this innovative approach will create added value for our clients.”
Remaining at the forefront of emerging and disruptive technology, Wood’s compelling new digital products and services can advance operational efficiencies for clients in industrial and energy markets.