Oil and Gas order processing to be done on Ethereum based on blockchain platform
Consensys and Amalto are together developing the Ethereum blockchain which would be used for processing orders related to the oil and gas industries. The name of the joint venture company is Ondiflo. The company would be based in Houston. It would be using the blockchain-based technology in order to enhance the efficiencies of the oil and gas industry.
It would be using the existing cloud-based technology of both the companies in order to make this platform much more efficient. On the whole, it would be the 1st end-to-end platform which would help the oil and gas industry to integrate the order processing mechanism.
With the help of blockchain, each and every step in the process would be completely automated. This would make it easier for the industry stakeholders to conduct various transactions in real time.
An example of the same is that field ticketing would be automated which is manual and paper-based. This would ensure that the transactions are settled pretty quickly as well which would help companies save a lot of money and improve their cash flow as well. This is one of the main reasons why such a platform would be revolutionary for the industry.
Moreover, the data verification would be equally quick as well. This would ensure that any transaction which is being conducted can be verified easily. The transaction would be settled within a few hours as well. This would again ensure that the oil and gas industry has the seamless operation as well and the various processes in the oil and gas industry are completely linked as well. This is one of the reasons why this platform would gain traction quite easily.
Moreover, when you look into the background of both the companies you would understand that they have a strong technological background. Previously as well, they have come out with various solutions which have digitized various industries. However, this is the 1st blockchain based adventure and therefore both the companies are taking no chances and they would automate most of the processes in the link which would ensure that the entire transaction is seamless and the oil and gas industry is able to automate a lot of different processes as well as transactions which would help it save a significant amount of money.
If the initial listing of the platform is without any glitches, the platform would be rolled out for the entire industry pretty soon. Most of the companies in the oil and gas industry are actually interested in using such a platform.