Blockchain Firm R3 Teams With GuildOne To Transform Oil And Gas Sectorbr>
GuildOne provides advanced data solutions and business intelligence to oil and gas companies so they can better understand and use data to enhance business performance. Since 2015, GuildOne has invested in emerging technologies such as blockchain, machine learning, and artificial intelligence, culminating in the release of its Royalty Ledger on Energy Block Exchange (EBX), on which GuildOne successfully executed the first energy smart contract transaction using R3’s Corda blockchain technology on Amazon Web Services (AWS).
Based in New York, R3 works with a broad ecosystem of more than 200 members and partners across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage. Corda removes costly friction in business transactions by enabling institutions to transact directly using smart contracts, while ensuring the highest levels of privacy and security.
The partnership aims to transform the oil and gas sector by offering GuildOne’s Royalty Ledger and its upcoming Hydrocarbon Ledger, a blockchain app that tracks measurement data along the hydrocarbon value chain, using R3’s Corda platform on AWS. GuildOne said that they decided to offer its product on AWS because of its ability to meet stringent security needs and quickly establish nodes on a blockchain network, so organizations can start transacting immediately. R3’s Corda, on the other hand, meets the demands of the highly regulated financial industry and has strict standards.
James Graham, President and CEO of GuildOne, said that these projects illustrate the importance of technology partnerships in identifying and driving new value for oil and gas companies.
“Blockchain is not about individuals, it’s a team sport,” said Graham. “Our relationship with R3 has been invaluable to integrating convergent technologies to reduce costs and increase revenues for energy sector players. 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.”
David E. Rutter, co-founder and CEO of R3, said that the oil and gas markets are so integral to global commerce that they have an impact on virtually all other business activity.
“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,” Rutter said. “From the very beginning, Corda was built with enterprise in mind, this makes it the perfect platform for projects like EBX.”