Energy News

Blockchain for Energy launches its own network

oil rig extraction energy

Today the Blockchain for Energy consortium announced the launch of its own platform and permissioned blockchain network. The consortium focuses on oil and gas extraction and has 11 members, including Chevron, ConocoPhillips, ExxonMobil and Repsol.

While the group launched in 2019, many of its projects have used other platforms, from the likes of Data GumboBlockApps and GuildOne

One of the challenges in developing blockchain projects is that the blockchain itself invariably makes up a small part of the solution. There’s a need to manage smart contracts, identity, messaging, documents, APIs and more. Hence the demand for a platform.

“The B4E Network & Platform allows smart contract blockchain solutions to have a production infrastructure that is safe, secure, compliant, and future proofed for Web3,” said Rebecca Hofmann, CEO and President of Blockchain for Energy. “The Web3 space is moving fast. And this provides unparalleled flexibility and choice among enterprise-proven capabilities. The B4E Network & Platform provides the ability to access the latest Web3 technology options as the space continues to evolve.”

The first solution to go live on the new platform is the B4E Commodity Transport Program which went into production last year and was led by Pioneer Natural Resources. 

Additionally, in October 2022 Worley and Chevron tested smart contract templates for the Produce to Pay workflow process. Apart from these two projects, the consortium is working on solutions to tackle ESG, seismic entitlement and joint venture management.

The new network uses Hyperledger Firefly, originally developed by Kaleido and provides the full technology stack needed for blockchain application development beyond the blockchain itself. It also supports multiple blockchain flavors, particularly Hyperledger Besu and Fabric. Kaleido supports numerous consortia, including commodities network Covantis and trade finance platform komgo.

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