Due to the possibilities that it offers with its immense potential, blockchain technology is being adopted by institutions and industries left, right and center.
Therefore, it was no surprise when a company from the oil and gas industry announced its plans to tap into blockchain technology, in order to improve the business’ order-to-cash processes – a move that is being lauded by members of both the business and technological communities, due to its logical approach.
The venture, dubbed as Ondiflo, is being launched by Amalto SA, a provider of business solutions such as field data management, logistics and order-to-cash. The company has joined hands with ConsenSys, a blockchain solutions provider, in order to lead the venture optimally from a joint perspective of business and technology. The venture is also being joined by Sandro Giannetti, a startup investor, who will also be Ondiflo’s CEO.
With Ondiflo, the companies aim to target various steps pertaining to the order-to-cash process in the oil and gas industry in order to improve them further and to have the whole process executed and completed in a timely manner.
Ondiflo is being described as a ticket-based blockchain platform that will be utilizing previous methods and programs developed by Amalto and ConsenSys to its advantage, where it will combine them and improve upon them to deliver industry-level solutions that could be applied to an array of situations.
The venture will be built upon the Ethereum blockchain infrastructure. It was also mentioned by the companies that it will be a consortium that brings together relevant parties from related segments of the industry. Two notable examples of such segments are, suppliers and financial organizations that play key roles in executing order-to-cash processes.
It was also mentioned that the approach to adopt the solution on an industry-wide level will be derived from existing standards such as the Petroleum Industry Data Exchange (PIDX).
The companies are excited about this joint venture
Speaking about Ondiflo, Amalto’s CEO, Jean-Pierre Foehn, stated that by streamlining the integral steps with the order-to-cash process, the platform will redefine how the industry approaches core functions in this day and age.
“By seamlessly managing data from IoT sensors at the well site or the storage terminal to the fulfillment stage” Foehn stated. “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 increase the level of trust between operators and suppliers, and also improve regulatory compliance.”
Giannetti shared similar thoughts and explained that the usage of solutions such as smart contracts will help in making the process easier to execute while also cutting costs of how the current processes are performed.
“The visibility and efficiency afforded by Blockchain and smart contracts will allow us to offer a low-cost payment and supplier financing solution that will dramatically reduce transaction times to oil and gas service providers.” He said.
It was further mentioned that an initial meeting of stakeholders of the consortium will take place on February 15 at Ondiflo headquarters in Houston, Texas.