Sunday, June 16, 2024

    Major Oil Company is Using Ethereum Blockchain to Process Gas

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    The number of use cases for blockchain is quite substantial. It is evident there are a lot of opportunities waiting to be explored. Amalto SA and ConsenSys are teaming up for a new joint venture. The goal is to use the Ethereum blockchain to automate ticket-based processes of oil and gas. It is a pretty interesting concept well worth looking into. This new venture will be known as Ondiflo and aims to revolutionize the energy industry as a whole.

    Using the Ethereum blockchain for oil and gas-related services makes a lot of sense. Both Amalto SA and ConsenSys are confident this venture will be successful. As of right now, the ticketing-based processes in these industries are time-consuming and cumbersome. A more streamlined and simplified solution is of great interest to all parties involved. Ondiflo, as this venture will be called, will leverage pre-existing products developed by both companies.

    Ondiflo Will Make use of Ethereum’s Blockchain

    Building this new venture on the of the Ethereum blockchain will serve many purposes. It automated all steps of the order-to-cash process associated with field services. Additionally, it helps further validate the Ethereum blockchain as a powerful and scalable technology stack. It is good to see more use cases outside of the traditional financial industry in this regard. The oil and gas supply chain industry can benefit from innovative ideas like this one.

    ConsenSys Founder Joe Lubin comments as follows:

    “As one of our first ventures into the oil and gas supply chain industry, Ondiflo will offer a solution where all operators and service companies can benefit from digitization, automation and the seamless exchange of data and immutability of their records, made possible by the Ethereum platform. Ondiflo will deliver efficiency to processes, which today are still largely manual and paper-based, like field ticketing or bill of lading, and are ready for the blockchain.”

    This blockchain-based initiative provides visibility and efficiency not found in other solutions. The use of smart contracts will create a low-cost payment and supplier financing solution. Ondiflo is launched as a consortium where industry leaders can push the initial adoption forward. Key stakeholders will come together for the first meeting on February 15. From that point forward, we will know what the future will hold for this new consortium and the technology it provides.

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