Geospatial Corporation said it will be integrating blockchain technology—the software behind Bitcoin and other cryptocurrency—with GeoUnderground, providing a cloud-based locational software platform allowing energy companies a secure way to manage contracts, assure provenance and track asset maintenance.
Designed around the Google Maps API, GeoUnderground is Geospatial's cloud-based GIS platform that when integrated with blockchain technology will provide clients with a total solution to their underground and above-ground asset management and location needs, the company said.
"Integrating blockchain technology with GeoUnderground will allow us to provide a seamless sharing of constantly updated locational data and status of each asset and each contract along with the verification and history of each piece of equipment, pipeline and property status, via the cloud," Mark Smith, Geospatial chief executive officer, said in a statement.
“The integration of blockchain and GeoUnderground has the potential to drive profound, positive change to the global oil and gas industry.”
The Pittsburgh, Pennsylvania-based company utilizes integrated technologies to determine the accurate location and position of underground pipelines, conduits and other underground infrastructure data, allowing Geospatial to create accurate three-dimensional digital maps and models of underground infrastructure.