Oil and gas industry enlist Ethereum-powered blockchain tech

Another industry is getting in on Ethereum, with blockchain technology now being adopted by international oil and gas companies to create new opportunities.

Project developer ConsenSys and automation company Amalton are working together on a Ethereum-based blockchain venture – Ondiflo – aiming to lend innovative digital solutions to order-to-cash processing. This will improve production, scheduling, accuracy and more within the industry, reports CCN, utilising a synchronised environment to streamline many processes.

Joe Lubin, ConsenSys founder, said: “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 digitisation, automation and the seamless exchange of data and immutability of their records, made possible by the Ethereum platform.

“Ondiflo will deliver efficiency to processes, which today are still largely manualand paper-based, like field ticketing or bill of lading, and are ready for blockchain.”