Blockchain technology in supply chain management - energy industry (liquefied natural gas)
Blockchain technology is gaining attention worldwide. The technology has much to offer such as increased efficiency in transactions and provenance of the product. An example will be the energy industry where different organisations have researched on the feasibility of adopting the technology, notab...
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| Format: | Final Year Project |
| Language: | English |
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Nanyang Technological University
2022
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| Online Access: | https://hdl.handle.net/10356/163619 |
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| Institution: | Nanyang Technological University |
| Language: | English |
| Summary: | Blockchain technology is gaining attention worldwide. The technology has much to offer such as increased efficiency in transactions and provenance of the product. An example will be the energy industry where different organisations have researched on the feasibility of adopting the technology, notably on provenance in ensuring feedstock are from sustainable sources.
However, the energy industry is considered a slow adopter of the technology. It is a niche industry
controlled by a few conglomerates with well-established systems. Hence, the pressure to innovate is low. This is applicable to the Liquefied Natural Gas (LNG) market. Within the supply chain of the market, there are limited information on blockchain applications despite having multiple inefficiencies highlighted. An example of inefficiency is the time taken for the flow of documents which results in time delay and incurred cost. Hence, this paper looks at the supply chain of LNG, studying the feasibility of blockchain adoption.
The LNG market is likely to stay relevant in the foreseeable future. As the world seeks to develop sustainable green energy, LNG serves as a transitional energy and demand is set to increase at least until 2050. The relevance of LNG in years to come may be an opportunity for organisations in the market to adopt blockchain and overcoming its inefficiencies.
However, the challenges and limitations need to identified and resolved. Through interviews, respondents are concerned on the regulation and security of the technology. Upon discussion, two recommendations were proposed. The first recommendation is on education and funding to help the stakeholders and the second is on concepts on how the technology can be implemented in Singapore. |
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