This paper addresses the challenges involved in sharing failure information of safety-critical component between multiple stakeholders during operation of safety instrumented systems (SIS). According to IEC 61511, the process of SIS follow-up is intended to enable all stakeholders involved to learn from SIS component failures. However, tools to assimilate and communicate the relevant information on failures is currently lacking. This paper proposes application of blockchain to promote a decentralized and permissioned platform, which aims to enable exchange of failure information among the participating stakeholders. The architecture of the proposed consortium blockchain in presented and the use cases for such a tool are also highlighted. The results from the implementation show that a blockchain solution can enhance information flow between stakeholders and can also restrict access to sensitive data when required. The advantages and disadvantages of blockchain technology in functional safety for the process industry are also discussed.