ConsenSys And Amalto Developing Ethereum Blockchain Platform For Oil And Gas Order Processing

Blockchain outfit ConsenSys and field data management firm Amalto have announced a joint venture to develop a platform to facilitate the automation of ticket-based order-to-cash processes in the oil and gas industry.

The venture called Ondiflo, based in Houston, Texas, USA will be underpinned by an Ethereum blockchain-centric solution to enhance process efficiencies.

Ondiflo will use already existing products developed by the venture partners, including Amalto's Platform 6 and ConsenSys' cloud-based dashboard Transportation Management System (TMS), to provide the first end-to-end solution for the industry, both companies confirmed.

The Ethereum blockchain infrastructure will automate all stages of the order-to-cash process associated with field services in upstream, midstream and downstream markets.

Many of the said processes, for instance, field ticketing or bill of lading, are still largely manual and paper-based, and primed for the blockchain revolution.
Joe Lubin, the Canadian entrepreneur who co-founded the cryptocurrency Ethereum and started ConsenSys, described the move as a seminal moment for the building up of an Ethereum ecosystem and one that's supportive of new use cases across all industries.

"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," Lubin added.

Jean Pierre Foehn, Chief Executive Officer of Amalto, said: "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."
It will also increase the level of trust between operators and suppliers, and improve regulatory compliance, Foehn added.

Ondiflo, which also sees the involvement of Sandro Giannetti, an entrepreneur and start-up investor, will be launched as a consortium with operators, suppliers and financial services industry players expected to partake in the initial endeavor.

Key stakeholders would be meeting in Houston on 15 February to work on the final make-up of the consortium.

"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."

"by Fobes"