Securing oil port logistics: A blockchain framework for efficient and trustworthy trade documents

Area of Science:

• Supply Chain Management
• Information Technology
• Logistics

Background:

• Oil port logistics involves numerous stakeholders exchanging sensitive cargo data, creating vulnerabilities for data manipulation and errors.
• Current physical documentation processes are slow, inefficient, and susceptible to fraud.
• Decentralized blockchain technology offers a secure, transparent, and tamper-proof solution for data management.

Purpose of the Study:

• To propose a blockchain-enabled framework for immutable and efficient trade documentation in oil port logistics.
• To enhance trust and ensure compliance among trade entities through secure data sharing.
• To leverage smart contracts for automated adherence to logistics regulations.

Main Methods:

• Development of a private blockchain framework tailored for oil port logistics.
• Implementation of smart contracts to enforce agreed-upon rules and regulations.
• Simulation-based validation of the framework's performance.

Main Results:

• The proposed framework ensures immutability and transparency of trade documents.
• Demonstrated timely processing of oil trade documents.
• Simulation results validated effectiveness in terms of network latency, throughput, and resource utilization.

Conclusions:

• Blockchain technology provides a robust solution for secure and efficient oil port logistics documentation.
• The framework enhances trust and compliance among stakeholders.
• The system offers significant improvements over traditional documentation methods.