Blockchain Platform For Oil And Gas Industry Ondiflo Completes Pilot Project With BPX Energybr>
Blockchain platform Ondiflo, in collaboration with BPX Energy, has successfully completed a Proof of Value (PoV) project of fluid hauling in East Texas.
Ondiflo, developed by Software development company Amalto and blockchain firm ConsenSys, provides blockchain-based applications to the oil and gas industry. The platform aims to transform the complex and time-consuming ticketing-based processes in the industry using Amalto’s Platform 6 and ConsenSys’ cloud-based dashboard TMS.
The PoV project reportedly deployed Ondiflo’s blockchain-based solution with three water hauling companies, including C&J, Common and Select Energy Services, providing them with an automation platform for the optimization of field tracking activities.
“With 50 metered wells connected to the Ondiflo platform, sending tank levels every 5 minutes, over 10,500 hauls have been automatically processed since the start of the project,” Ondiflo said. “An average of over 90% accuracy was achieved in haul detection and matching to field tickets by week 6. Over 65 truck drivers and 11 dispatchers used the Ondiflo app and one of the companies used their own e-ticketing app connected to the Ondiflo APIs for this project.”
According to the firm, throughout the pilot, BPX Energy and its suppliers were able to identify substantial operational and financial benefits, including cost reduction by improved efficiency, reduced procure-to-pay time cycles and improved asset utilization.
“The PoV project improved dispatch optimization by projecting service requests out for 48 hours,” the firm said. “Savings on the field ticket approval effort and invoice processing efforts were achieved by automatically approving hauls if the volume computed by Ondiflo matched the volume entered on the field ticket.”
Jean-Pierre Foehn, CEO of Ondiflo, said that their methodology clearly established the impact of the combined IoT, Mobile and Blockchain technologies on the current process and the outcome for the business case.
“We are confident that when moving to production with the integration of the various back-office systems involved in the Procure-to-Pay, the impact of automation will be fully realized and will lead the industry to quick adoption,” Foehn said.