Yesterday, Canada-based tech company
GuildOne announced it won a contract from
OOC Oil & Gas Blockchain Consortium for a blockchain proof-of-concept for authorization for expenditure (AFE) balloting.
AFE is used for approval of large capital expenditures related to oil and gas exploration, development and production. It is mainly associated with joint operations, where partners in a joint venture need to sign off on the proposed expenditure.
The current process for AFE is conducted manually, which is slow and time-consuming. It usually involves several meetings, e-mails and overflowing cost estimation folders.
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