Blockchain For Energy Launches New R&D Program

Announcements, Blockchain, Innovation, News | August 12, 2021 By:

Blockchain For Energy, the nation’s first energy industry blockchain consortium, has launched a research and development (R&D) program for members to learn, experience and access blockchain smart contracts.

The Blockchain For Energy consortium (formerly known as the Offshore Operators Committee Oil & Gas Blockchain Consortium) provides its members with the best-in-class industry learnings and solutions. As a nonprofit organization, they drive digital transformation by providing members with a secure, neutral venue to accelerate the digitalization journey. With members like Chevron, ConocoPhillips, ExxonMobil, Hess, Pioneer Natural Resources, they seek to resolve, reinvent, and transform the industry through collaborative synergies.

The R&D progam was created to help members test and pilot smart contracts, gain hands-on learnings, and strategize on implementation of blockchain technology for their companies. It allows for faster, easier testing of smart contracts and their interoperability across different platforms.

According to the consortium, Smart Contracts will enable members to maximize efficiencies, reduce costs, improve timelines, and drive industry transformation through collaboration with peer companies. The program will independently certify industry-grade Smart Contracts for deployment. It will also create a library of Smart Contract templates, helping ease the adoption and scaling of blockchain solutions. The initial focus is on commodity transport, but it will quickly expand to other solutions and other blockchain developers within the program.

“The R&D program allows for hands-on learning in an industry-ready ‘sandbox’ that builds comfort and competency with blockchain concepts within our member organizations,” said Rebecca Hofmann, President of Blockchain For Energy. “It allows members to further test blockchain’s viability for value within their organizations all while reducing risk.”

The initial phases of the Smart Contracts R&D program was launched in collaboration with industrial blockchain network Data Gumbo. The program will offer a variety of Smart Contract templates, demo data, and the ability test GumboNet in a safe, neutral environment.

“Blockchain For Energy’s new R&D program is an important step toward the adoption of Smart Contracts by the energy industry. It seeks to confirm how members can improve business relations and their bottom line in a low-risk environment,” said Andrew Bruce, Founder and CEO, Data Gumbo. “Based on previous successful use cases in the industry, Data Gumbo’s Smart Contracts are applicable across commodities, and we are excited for members to test and prove out all they can do with GumboNet.”