Blockchain outfit ConsenSys and field data management firm Amalto have announced a joint venture to develop a platform to facilitate the automation of ticket-based order-to-cash processes in the oil and gas industry. The venture called Ondiflo, based in Houston, Texas, USA will be underpinned by an Ethereum blockchain-centric solution to enhance process efficiencies. BP PlcThe Ethereum blockchain infrastructure will automate all stages of the order-to-cash process associated with field services in upstream, midstream and downstream markets. Many of the said processes, for instance, field ticketing or bill of lading, are still largely manual and paper-based, and primed for the blockchain revolution. "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," Lubin added.

Source: Forbes January 27, 2018 21:56 UTC