Blockchain Firm Enters Partnership To Revolutionise Oil And Gas Industry

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With blockchain becoming an everyday part of businesses, many sectors are beginning to realise its full potential and how they can integrate it into their lines of work. Data management company Amalto has announced to the general public it’s partnership with blockchain technology firm ConsenSys. This joint venture, it states, is for the development a platform for facilitation of an automated system that will take care of the ticket-based order-to-cash processes that are used for transactions in the oil and gas industry. A venture that will be called Ondiflo.

Ondiflo will be based in Houston, Texas and will be run by on an Ethereum based blockchain. This is meant to boost the efficiency of the processes the firm. It will also use products that have already been created by the partnering firms. These will include Platform 6 by Amalto and Transportation Management System (TMS), a cloud centred dashboard run by ConsenSys. These are meant to provide the first solutions of an end-to-end kind for its according to the two firms.

The Need For Blockchain

Most of the transactional processes like field services (upstream and downstream) and order-to-cash processes in oil and gas industries are all still manual and based on paper work. However, Odinflo is designed to digitalise all these as well as automate them with blockchain technology. Amalto’s Chief Executive Officer, Jean Pierre, stated that “by seamlessly managing data from IoT [Internet of Things] sensors at the well site or the storage terminal to the fulfillment stage – and, eventually, to the payment stage, and by bringing all stakeholders and trading partners to the blockchain, Ondiflo is going to radically change how the industry manages its back-office.”

Joseph Lubin, the guy who partnered with Vitalik Buterin to create Ethereum, is also the creator of ConsenSys also shared his ideas behind this partnership. He sees it as a big leap towards the creation of an ecosystem that operates on the Ethereum blockchain. This was what he also had to say “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”.

The Odinflo project also involves entrepreneur and start up investor Sandro Giannetti. The project will launch as a consortium to entice many operators to buy into its idea. There will be a stakeholders’ meeting on the 15th of February in Houston where Odiflo will be based. Giannetti is buying into this idea of Odiflo because he believes that

“Blockchain and smart contracts will allow the consortium to offer a low-cost payment and supplier financing solution that will dramatically reduce transaction times to oil and gas service providers,”

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