Field data management company Amalto SA is teaming up with blockchain company ConsenSys to form Ondiflo, a joint venture the companies say will develop and grow a platform dedicated to the automation of ticket-based processes in the oil and gas industry.
Founded by Amalto's CEO Jean Pierre Foehn, Sandro Giannetti, an entrepreneur and start-up investor, and ConsenSys' Rana Basu, Ondiflo is an Ethereum blockchain-based solution that will be applied to the historically complex and time-consuming ticketing-based processes in the oil and gas industry.
Houston-based Ondiflo leverages pre-existing products developed by each company, including ConsenSys' cloud-based dashboard TMS and Amalto's Platform 6, to provide the first end-to-end solution for the industry, the companies said in a press release.
Ondiflo is built on an Ethereum blockchain infrastructure that automates all steps of the order-to-cash process associated with field services in upstream, midstream and downstream markets.
"At ConsenSys, we are dedicated to building the Ethereum ecosystem and committed to supporting new use cases across all industries,” said Joe Lubin, a Canadian entrepreneur who co-founded the Swiss-based Ethereum, a decentralized cryptocurrency platform, and started Brooklyn-based ConsenSys.
“As one of our first ventures into the oil and gas supply chain industry, Ondiflo will offer a solution where all operators and service companies can benefit from digitization, automation and the seamless exchange of data and immutability of their records, made possible by the Ethereum platform. Ondiflo will deliver efficiency to processes, which today are still largely manual and paper-based, like field ticketing or bill of lading, and are ready for the blockchain," Lubin said in the press release.
"By seamlessly managing data from IoT sensors at the well site or the storage terminal to the fulfillment stage—and, eventually, to the payment stage, and by bringing all stakeholders and trading partners to the blockchain, Ondiflo is going to radically change how the industry manages its back-office. It will increase the level of trust between operators and suppliers, and also improve regulatory compliance,” added Amalto’s Foehn.
"The visibility and efficiency afforded by blockchain and smart contracts will allow us to offer a low-cost payment and supplier financing solution that will dramatically reduce transaction times to oil and gas service providers," said Giannetti.
Ondiflo will be launched as a consortium, where operators, suppliers and financial institutions will lead the initial adoption of the solution by the industry leveraging existing standards like PIDX. A meeting gathering key stakeholders will take place in Houston on February 15 to explore the organization of the consortium.