  The traditional oil supply chain suffers from various shortcomings regarding
crude oil extraction, processing, distribution, environmental pollution, and
traceability. It offers an only a forward flow of products with almost no
security and tracking process. In time, the system will lag behind due to the
limitations in quality inspection, fraudulent information, and monopolistic
behavior of supply chain entities. Inclusion of counterfeiting products and
opaqueness of the system urge renovation in this sector. The recent evolution
of Industry 4.0 leads to the alternation in the supply chain introducing the
smart supply chain. Technological advancement can now reshape the
infrastructure of the supply chain for the future. In this paper, we suggest a
conceptual framework utilizing Blockchain and Smart Contract to monitor the
overall oil supply chain. Blockchain is a groundbreaking technology to monitor
and support the security building of a decentralized type supply chain over a
peer-to-peer network. The use of the Internet of Things (IoT), especially
sensors, opens broader window to track the global supply chain in real-time. We
construct a methodology to support reverse traceability for each participant of
the supply chain. The functions and characteristics of Blockchain and Smart
Contract are defined. Implementation of Smart Contracts has also been shown
with detailed analysis. We further describe the challenges of implementing such
a system and validate our framework's adaptability in the real world. The paper
concludes with future research scope to mitigate the restrictions of data
management and maintenance with advanced working prototypes and agile systems
achieving greater traceability and transparency.
