Smart Bolts Rapid Prototype

Smart Bolt prototype is a demonstration of our Material Tracer Blockchain Framework, which enables the tracking of any material or asset throughout the entire supply chain.

The Business Challenge

As part of a process improvement initiative around oilfield safety and compliance auditing, it was recommended that MDxBlocks develop a prototype for SmartBolt technology with their Material Tracer capability. The SmartBolt is a fastener with a built-in visual tension indicator. SmartBolts products use patented technology to measure minute dimensional displacements and indicate when bolts are loosened and tightened. With traditional Supply Chain it can be quite difficult to trace back to suppliers of products making it challenging to eliminate the defects in the system. 

The Industry Need
The Requirement for more transparency and traceability provided interest in the application of blockchain in supply chain. The Supply Chain in the SmartBolts Proof of Concept included the raw Material Supplier, the Part Manufacturer, the OEM or Distributor and the Oilfield Services organization. One critical aspect of the workflow was Lab Test and Certification. A regulating authority provided oversight and a Governance standardization of regulatory requirements

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The Benefits

  • Functional Capabilities (not in production)

  • Turns supply agreements into digitized Smart Contracts

  • Track and enforce covenant compliance

  • Identity, securely store, control and track updates of lab certificates and other documents 

  • Track and record counter party communications and decision making

  • Manage and track smart bolt status and inventory

  • Access living data room for streamlined due diligence 

  • Blockchain Software will track and trace the Smart Bolts from Manufacturer to Operator with Certifications. 

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High-level Order Process Flow

  • The operator places the Specification Request for the bolt to the OEM.

  • OEM sends Smart Bolt- Specification to Manufacturer

  • Manufacturer Procures the Wire from Raw Material Supplier along with Material Certificate.

  • Manufacturer Produce the Smart Bolt as per API and as per the custom design from OEM/Operator.

  • Sends it to Lab Test for testing the Smart Bolt to Manufacturer’s Preferred Lab 

  • After Lab Test is done on Smart Bolt, its certificate is sent to OEM, Manufacturer, and Operator

  • OEM will verify the Test Certificate and further assign the Smart Bolt to OEM’s independent Lab Test.

  • If the results meet the specification requirement, OEM sends the results to the Operator or if it does not match the specification, OEM sends the SB to his Preferred Lab Test.

  • Once the Certificate matches then the Smart Bolt is delivered to Operator

  • The operator puts the Smart Bolt into Operation.

Recall Order Process Flow

  • Recall Process initiated by Manufacturer if the bolt found defective.

  • Based on Recall Process, the Operator sends the SB to OEM and in turn, OEM sends back Smart Bolt to the Manufacturer.