Equipment Life Cycle Management Based on Private Blockchain and Smart Contract

Abstract

Equipment management is gradually becoming more decentralized, and, in many cases, the equipment owner, operator, maintainer and inspector are not the same legal entity. This slows down equipment data transmission between stakeholders and reduces business and technical process automation. In this paper, we discuss how the application of distributed ledger concept based on private blockchain and smart contract technology can resolve these challenges and create a more automated and surveillance-free equipment life cycle management process.