Oil and gas technology developer GuildOne is partnering with the Blockchain for Energy (formerly OOC) consortium to pilot the first blockchain-based Integrated Joint Venture Management (IJVM) platform. Major oil companies such as Chevron, ExxonMobil, Hess, and Repsol are involved as members of Blockchain for Energy.
Many oil and energy projects are joint ventures to enable multiple firms to pool investment for large projects and share risks. The issue with joint ventures in the sector is that they often lead to disputes between the parties, high administrative costs, and project delays due to their complexity.
The pilot will be built using R3’s Corda enterprise blockchain protocol, on Blockchain for Energy’s Corda network, and use ConTracks, GuildOne’s smart contract technology.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
