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Oil extraction consortium launches blockchain energy logistics solution

energy oil extraction

Yesterday Blockchain for Energy (B4E) announced the launch of its logistics solution. The oil and gas extraction consortium has 13 members. Since it launched its own blockchain network in February, Saudi Aramco and EQT have joined. Other members include Chevron, ConocoPhillips, ExxonMobil and Repsol.

The new logistics offering – the Commodity Transport Web3 Field Automation solution – automates much of the transport process, reducing manual validation, slow communication and discrepancies.

Hence, deliveries are validated using the consortium blockchain and the data is available for viewing immediately. It’s flexible enough to support various types of commodities and requirements in different regions.

“The solution will be transformative for how operators and vendors manage commodity transportation,” said Mike Green, B4E Board Member and Digital Transformation Lead for Chesapeake Energy. “The solution will leverage blockchain smart contracts to validate sensor, GPS, and other IoT data, to digitize and automate previously manual processes. Both operators and vendors will realize improved efficiency, accuracy, transparency, and reduced costs.”

The Blockchain for Energy consortium has five other programs on the go. The next one to launch later this year is for ESG – a Digital Measurement Reporting Verification (dMRV) Solution using blockchain, AI and IoT. Other projects in the works include digital identity, seismic entitlements and joint venture management.

The energy sector has embraced blockchain. In Europe, VAKT has partnered with banks, oil firms (including B4E members Sauid Aramco and Chevron), and major commodity traders to help digitize the industry.

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