What is SRT?
Technical architecture of Smart Refinery Technologies (SRT) blockchain platform is based on the principles of creating open source applications that combine templates of smart contracts, toolset for their building, and infrastructure for their operation. SRT platform will work on the basis of thereum, using consensus mechanism Proof of Authority (PoA).
Consensus mechanism PoA in the SRT network is chosen to reduce delays and operating costs. It will be possible to quickly display the status of a private network in a public network, in order to ensure the immutability and integrity of data.
«Industrial Internet of Things» (IIoT, «Industrial (manufacturing) internet of things») will be an important component of SRT blockchain platform. It is a distributed network infrastructure, integrated with automatic process control system (АSU ТP) of industrial equipment. It will include digital sensors and interworking protocols for assembling the sensors and controllers of the automatic process control system into a local network, and integration into a blockchain. This will allow the automation of collection of data regarding equipment operations, transactions for payment of license fees, and provision of global service support from the equipment supplier’s engineering center.
Accounts between the members of blockchain platform will be settled using SRT-coin tokens (ERC20 standard). SRT blockchain platform will provide convenient tools and templates for, creating smart contracts, automatic collection of data regarding equipment operations, settlements of accounts and transactions between companies.
The architecture of business processes and settlement of accounts between the participants of the blockchain platform is designed in such a way as to ensure their compliance with the already existing international laws and laws of countries, where the economic activities will be carried out, including refining of oil at oil refineries.
Due to open architecture of the Platform its features can be used by all interested suppliers of equipment for the oil processing industry, which will open the possibility for them to enter the global market more simply.
In the traditional economy, large companies have the advantage. The rich become richer, because they have greater opportunities. In a decentralized economy, the blockchain creates equal opportunities for everyone. Smart Refinery Technologies blockchain platform will be an effective industry solution that unites a large number of small and medium-sized companies – equipment manufacturers, engineering companies, oil refineries, petroleum product traders.