Oil & Gas Blockchain Consortium Finishes Blockchain-Based Pilot

The Offshore Operators Committee (OOC) Oil & Gas Blockchain Consortium has finished developing its “first pilot leveraging blockchain technology,” a press release from the group reports. This pilot was developed with Data Gumbo, a platform that offers blockchain as a service to industrial customers.

This pilot had “automating produced water haulage from field reading to invoice payment.” Essentially, automated invoices ensure that clients can be paid on time without requiring input from the company at hand.

The pilot test had also been executed on weeks in North Dakota, working with the Nuverra Environmental Solutions water logistics group. Speaking on the matter is Rebecca Hofmann, the Chairman of the OOC Oil & Gas Blockchain Consortium, who had said:

“The results of this pilot prove that non-manned volume validations can trigger automated payments to vendors, and showcase the opportunities that exist for blockchain to reduce costs, increase efficiency, provide transparency and eliminate disputes in the oil and gas industry. This is just the tip of the iceberg for the potential of blockchain in our industry.”

This consortium is made up of 10 groups in the oil and gas industry, including but not limited to Noble Energy, Equinor, ExxonMobile, and Marathon.

Remember, all trading carries risk. Past performance is no guarantee of future results.

Cryptocurrency and games writer. Looking to the future by studying how these two industries can blend.