“SRT” THE WORLD`S FIRST BLOCKCHAIN PLATFORM FOR PRODUCTION MANAGEMENT AND AUTOMOBILE FUEL
7 min readOct 11, 2018
What is SRT?
Smart Refinery Technologies Group, the developer of innovative technical solutions and equipment for the production of automobile fuels is creating the world’s first blockchain platform for the oil refining industry. Smart Refinery Technologies is an all-up business process support platform, from production to selling fuel to consumers: Eco-friendly EURO-5 class fuel production management based on manufacturing modules of SRT Group. Trading based on decentralized fuel exchange with smart contracts-based payments. Pay fuel with cryptocurrency — fuel cards with cryptocurrency wallets integration give an opportunity to pay fuel at petrol stations with cryptocurrency.
Why SRT?
- Smart Refinery Technologies Group, the developer of innovative technical solutions and equipment for the production of automobile fuels is creating the world’s first blockchain platform for the oil refining industry.
- Project goal: revolutionary technology services launching in the global fuel market, the size of which is more than $ 5 trillion US dollars. Services will be based on blockchain and artificial intelligence (AI) technologies.
Smart Refinery Technologies is an all-up business process support platform, from production to selling fuel to consumers:
- Eco-friendly EURO-5 class fuel production management based on manufacturing modules of SRT Group.
- Trading based on decentralized fuel exchange with smart contracts-based payments.
- Pay fuel with cryptocurrency — fuel cards with cryptocurrency wallets integration give an opportunity to pay fuel at petrol stations with cryptocurrency.
Platform advantages:
- Fuel exchange and production business processes automation based on blockchain and artificial intelligence (AI) technologies
- Integration with industrial protocols of IIoT for ma complexes, logistics depots, payment terminals.
- P2P payments and smart-contracts support.
- The high speed of transactions and a possibility to process more than 100,000 transactions per second.
- Low commissions now more than $0,001 for the transaction.
- A fuel trading convenient instrument for small and medium-sized businesses.
Project tokens: SRT-Coin the utility-token platform is a standard for trade commissions payments, royalties, and payments for transactions within the network. The ERC-20 token standard will allow using the existing Ethereum network infrastructure for storing tokens and conducting transactions. The issue of tokens is limited — 100.000.000 SRT-Coin. “Payment for commissions” tokens burning program will be implemented.
Team SRT consists of professionals: in the field of scientific research, blockchain developers, oil market experts. In SRT team there are 2 current professors, 4 doctors, and Ph.D., professional managers with experience in world TOP-10 oil companies.
The global increase in demand for fuel exceeds 5,000,000 tons annually. The market craves for innovative solutions to meet this demand. Join the blockchain revolution in the fuel business!
Marketing strategy
- fuels, on a global scale, are constantly growing, and are not declining even in the period of economic crisis.
- The global annual volume of gasoline and diesel fuel production is more than 2.5 billion tons.
- The world demand for fuel is satisfied by hundreds of large oil refineries and thousands of mini oil refineries. There are many places, where only local, small tonnage, refineries can be an effective solution.
- In order to successfully achieve the goal of the project to create a global oil refinery network with a total processing capacity of up to 5 million tons of raw materials per year, the project does not need to occupy a significant share of the fuel market. It will not exceed 0.2% of the global market.
Marketing strategy
- Supply of equipment and creation of production network of small tonnage oil refineries. A development strategy for SRT-Group was adopted, based on the results of negotiations with dozens of companies that implement or plan to organize small tonnage oil processing units.
- The refining modules are not sold but are rented for a long-term lease, in order to increase the availability of SRT equipment and technologies for the maximum number of market participants.
- An obligatory condition for leasing equipment will be the payment of royalties (license fees) depending on the volume of processed raw materials — royalty will be the main source of cash for the purchase of SRT-coin from project participants.
- All production facilities on which SRT Group equipment is installed will be connected to a single information network based on the SRT blockchain platform to ensure the interaction of all participants and payments of license fees on a real-time basis.
- The equipment of mini-refineries will be provided to oil refiners, locally, on the basis of a long-term lease at preferential prices, in order to maximize the total volume of refining and the amounts of license payments.
- The amount of license fees does not depend on the profit of a specific refining facility but depends only on the volume of processed raw materials and the rate of license fees (5% of the average wholesale price of gasoline and diesel fuel according to exchange quotations).
- The price of the token does not affect its demand for settlements of accounts under license fees — the amount of payments is set in a fiat currency (in US dollars).
- The number of tokens in a transaction that will match the specified amount in USD will be determined at the market (exchange) rate at the time of payment.
The architecture of Smart Refinery Technologies blockchain platform
Platform architecture
Basic components of the platform:
- consensus protocol PoA+IIOT Technical architecture of Smart Refinery Technologies (SRT) blockchain platform is based on the principles of creating open source applications that combine templates for smart contracts, tools for their building and infrastructure for their operation.
- SRT platform will operate on the basis of Ethereum blockchain, using the Proof-of authority (PoA) consensus mechanism.
- Consensus mechanism Proof-of-Authority (PoA) is based on the confirmation of transactions by Validators — independent participants, whose identity is confirmed publicly.
- The independent participants (owners of SRT-coin tokens), oil processing companies, technological partners (equipment suppliers), and Agents will be the Validators in the SRT blockchain platform. Initially, there will be 10 Validators on the network, their term of powers will be set for 3 years. The election of new Validators will be carried out by annual voting by active Validators.
- The PoA consensus mechanism in SRT network is chosen to reduce delays and operating costs in the network. PoA allows the network to function more efficiently than the Proof-of-Work consensus. It will be possible to quickly display the status of a private network in a public network in order to guarantee the immutability and integrity of the data. The speed and reliability of Ethereum based private PoA networks are fully compliant with the requirements of the oil processing industry and allow unlimited scaling of operations in accordance with the increase in a number of participants, and the amount of data on the network.
- IIoT, «Industrial (manufacturing) internet of things», will be an important component of SRT blockchain platform. It is a distributed network infrastructure, integrated with an 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 about the equipment’s operations, license fees payments, and provision of global service support by the equipment supplier’s engineering center.
- Settlements of accounts between the blockchain platform participants will be carried out using SRT-coin tokens (ERC20 standard). SRT blockchain platform will provide convenient tools and templates for creating smart contracts, automatic equipment operations-data collection, settlement of accounts and transactions between companies.
- The architecture of business processes and settlements 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 legislation and legislation of countries, where economic activities will be carried out, including oil processing at oil refineries. The features of SRT blockchain platform 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.
- Thus, the platform participants will have access to reliable data about the overall performance of the oil refinery network, the number of refineries in the network and refining volumes, the volume of license fees, the number of SRT-coins destroyed and the number of SRT-coin remaining in the turnover.
Social Media SRT:
- http://t.me/SmartRefinery
- http://www.facebook.com/SmartRefinery/
- http://twitter.com/SmartRefinery
- http://medium.com/@SmartRefinery
- https://bitcointalk.org/index.php?topic=4905473
- https://www.reddit.com/r/smartrefinery/
Writer:
BTT name: danilhadiwinata123
BTT profile link: https://bitcointalk.org/index.php?action=profile;u=2053003;sa=summary
