Blockchain company ConsenSys and Amalto, which is the leader in order-to-cash, field data management and logistics, announced a joint venture for the development of an ethereum-based platform that will facilitate “the automation of ticket-based order-to-cash processes in the oil and gas industry.”
Ondiflo is an ethereum based platform that will solve the historically complex and time-consuming ticket-based order-to-cash processes that people in the oil and gas industry still face.
The development of Ondiflo is made possible by ConsenSys’ Rana Basu, Amalto’s CEO Jean Pierre Foehn and investor Sandor Giannetti.
How Ondiflo Works?
Based in Houston, Ondiflo leverages each company’s pre-existing products which include Amalto’s Platform 6 and ConsenSys’ cloud-based dashboard TMS in order to create the first end-to-end solution for the oil and gas industry.
Manual and paper-based processes such as field ticketing and bill of lading will be automated by the Ondiflo blockchain infrastructure. Additionally, all order-to-cash processes related to field services either in upstream, midstream or downstream markets will also be covered by the automation.
One of the co-founders of ConsenSys mentioned that the move to automate the processes involves in the oil and gas industry can be seen as a seminal moment to further build up the ethereum ecosystem.
He added,
"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."
Moreover, Amalto’s CEO commented:
"By seamlessly managing data from IoT [Internet of Things] 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."
Long-term Benefits of Odiflo
Through Odiflo, the level of trust between suppliers and operators could potentially increase. Regulatory compliance could also be improved.
Players in the oil and gas industry will also be not the only ones involved. People in the financial services industry are expected to partake in the initial endeavor led by Odiflo.
Investor Sandor Giannetti concluded by saying,
"Blockchain and smart contracts will allow the consortium to offer a low-cost payment and supplier financing solution that will dramatically reduce transaction times to oil and gas service providers.”