The Oil & Gas Blockchain Consortium was the first in the industry to use blockchain for voting on spending issues. The solution provider was the canadian company GuildOne.
The consortium, which was created earlier this year to develop blockchain-based solutions, includes several oil and gas companies, including industry giants Shell, Chevron and ExxonMobil. The organization operates under the auspices of the offshore drilling contractors Committee (OOC).
The expenditure authorization system (AFE) is used to approve investment and expenditure projects, as well as to determine the profit and interests of participants in a joint working contract in the oil and gas sector.
Previously, voting on AFE issues was conducted manually, but the blockchain can significantly speed up this process. In addition, the distributed registry technology will ensure the authenticity of records and reduce the number of errors due to the use of smart contracts.
According to OOC Chairwoman Rebecca Hofmann, the pilot project was completed in less than 4 months. She stressed that the project demonstrated the capabilities of the blockchain, as well as its ability to “change the fundamental processes in the oil and gas industry.”
In November, it was reported that US customs plans to use blockchain to track oil and gas supplies from Canada. The canadian company Mavennet Systems was allocated $182,000 to develop the platform.