Calgary, Alberta, Canada-headquartered advanced data solutions and business intelligence provider GuildOne Inc. announced in a press release CoinReport received the provision of blockchain/distributed ledger technologies (DLTs) to worldwide oil and gas firms leveraging Amazon Web Services (AWS).
GuildOne will be providing the technologies to the petroleum companies in partnership with enterprise blockchain software firm R3, with which it has been working to revolutionize the petroleum industry with the pioneering innovation of its own (GuildOne’s) Energy Block Exchange (EBX) blockchain business network utilizing the blockchain platform of R3, Corda, on AWS.
A commercial-grade blockchain platform, Corda eliminates expensive friction in business transactions by allowing for organizations to directly carry out transactions by utilizing smart contracts, making sure the highest standards of security and privacy are met.
For more than two decades, GuildOne has been delivering advanced data solutions and business intelligence to assist petroleum firms in navigating market challenges. The company has been examining the potential of new technologies, like blockchain, including smart contracts as well as distributed ledger, and artificial intelligence to develop new efficiencies by removing contract and data disagreements and enabling real-time value exchange.
The firm proclaimed in February a ground-breaking proof-of-concept (PoC) petroleum royalty transaction, conducted in association with important industry partners on its Royalty Ledger application utilizing Corda. At R3’s CordaCon London 2018 last month, the firm uncovered a new PoC for Hydrocarbon Ledger, a DLT application tracking measurement data along the hydrocarbon value chain, lowering or removing expensive disagreement points and prompting instant value exchange at the time of commodity transfer.
GuildOne president and CEO James Graham said in the news release we received, “Blockchain is not about individuals; it’s a team sport. Our relationship with R3 has been invaluable to integrating convergent technologies to reduce costs and increase revenues for energy sector players.”
The firm explained the reason behind selecting AWS, saying the cloud computing platforms provider meets strict security needs and swiftly establishes nodes on a blockchain network for corporations to start transacting immediately. For Corda, the company said the blockchain platform was the best choice because it meets the requirements of the highly regulated financial sector.
“Oil and gas markets are so integral to global commerce that they have an impact on virtually all other business activity,” said David E. Rutter, R3’s co-founder and CEO. “By enabling information sharing to reduce disputes and help the market run more smoothly, this technology will have positive ripple effects which stretch well beyond oil and gas. From the very beginning, Corda was built with enterprise in mind, this makes it the perfect platform for projects like EBX.”
Graham said, “We believe that blockchain offers the potential of truly frictionless, dispute-free transactions. If we’re able to get to a dispute-free state of interaction, we believe we can drive revenue completeness for all parties involved in the oil and gas industry, regardless of size or resources they may have at their disposal to complete transactions and settle contracts.”
GuildOne logo – Via the press release on GlobeNewswire
R3 logo – Via a previous press release of theirs