ConsenSys, Amalto announce new blockchain venture to automate oil and gas order processing
Field data management company Amalto and blockchain startup ConsenSys have come together for a joint venture that aims to develop a platform for the automation of all ticket-based order-to-cash processes in the oil and gas industry.
Amalto's CEO Jean Pierre Foehn, Sandro Giannetti, an entrepreneur and startup investor, and ConsenSys' Rana Basu have founded Ondiflo – an Ethereum Blockchain-based solution that would transform the complex and time-consuming ticketing-based processes in the oil and gas industry.
"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 digitization, automation and the seamless exchange of data and immutability of their records, made possible by the Ethereum platform,” Joe Lubin, Co-Founder of Ethereum and Founder of ConsenSys said. “Ondiflo will deliver efficiency to processes, which today are still largely manual and paper-based, like Field Ticketing or Bill of Lading, and are ready for the blockchain."
Ondiflo will leverage the existing products of the participating companies, including Consensys' cloud-based dashboard TMS and Amalto's Platform 6 to provide the first end-to-end solution for the industry.
"By seamlessly managing data from IoT sensors at the well site or the storage terminal to the fulfillment stage—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,” Jean-Pierre Foehn, CEO of Amalto said.
According to the official release, Ondiflo will be launched as a consortium, where operators, suppliers and financial institutions will lead the initial adoption of the solution by the industry leveraging existing standards like PIDX. It is headquartered in Houston, Texas.
A meeting gathering key stakeholders will take place in Houston on February 15th to explore the organization of the consortium.