GlobalTechExport Launches Collaborative Project On Credits
On 04 October 2019, the Credits Blockchain Platform together with the Russian manufacturer of oil and gas facilities LLC Globaltechexport launched a pilot project for the management, transmission, and storage of sensor data based on the public blockchain network.
LLC Globaltechexport is a Russian company specializing in the design, supply of technological equipment, turnkey construction of oil and gas facilities, thermal power and electricity. The company provides a full range of world-class services in compliance with international standards.
The company's activities are of tremendous importance in the development of the engineering industry and the solution of economic, technical and political objectives. Particularly acute is the question of improving the existing technical systems of the oil and gas industry, the thermal and electric power industries. The following current issues exist in the market that needs to be solved to ensure effective supply chain management in the sector:
- Production of excess stocks of products;
- Non-optimal allocation of resources;
- Distortion of information about the user's credible needs;
- Reduced flexibility of enterprises in the supply chain;
- Inconsistency in the use of logistics infrastructure
Due to these concerns, the company has decided to have recourse to using blockchain technology. LLC Globaltechexport uses digital sensors in its operations and the information obtained from devices is necessary when integrating into production cycles of enterprises and taking into account the effectiveness of supply. The decision taken in conjunction with Credits to launch a pilot project improves the control and automation of the equipment supply chain at all stages of the production process, which largely ensures complete transparency and helps reduce costs.
The blockchain platform serves as a reliable technology for storing information received from the company's sensors by cryptographic protection of the database. Thus, information can be stored cyclically, with a specified period, while eliminating the factor of falsification of the database by any of the parties, whether it is the supplier or customer. In this way, data on deliveries and transactions cannot be deleted, or changed, which allows for the achievement of a high level of transparency and creates a trust during the interaction.
Through the implementation of this agreement, LLC Globaltechexport receives an open mechanism for tracking the supply of equipment, which makes the pricing transparent and the quality of the installations undeniable. The usage of blockchain technology significantly reduces costs, improves the quality of services provided, attracts a larger number of world-class customers and creates a huge impetus in the development of the company in the international market.
To summarize, the Credits blockchain platform helps to achieve the following:
- Optimization of the transit of raw materials and finished products
- Reduction of flow servicing costs
- Increasing the ability of supply chains to ensure the delivery of good of the required quality and quantity, taking into account timeliness and locations
- Optimization of the use of various resources, including energy, and current capacities of all participants in the supply chain
“The potential of the introduced technology is too great to miss. Since LLC Globaltechexport is the backbone of economic growth and productivity in the current industry market, It is our responsibility to facilitate the digital transformation and the company's readiness for the challenges of the 21st century”, Sergey Stankevich, Head of International Business at LLC Globaltechexport.
Credits is an open-source and fully decentralized blockchain software platform operating based on the PoA (Proof of Agreement) algorithm. The platform offers network capacities of up to 1 million transactions per second with transaction processing times at 0.1 seconds, and low fees starting from 0.001 USD per transaction.