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 dis-cussed the use of a distributed ledger concept and propose to use private block-chain together with smart contract to resolve these challenges and to create a more automated and surveillance-free equipment lifecycle management process.