Mississauga, Ontario-based Augusta Industries Inc., a maker of fibre optic sensor monitoring systems for the oil and gas industry, said it has created a wholly owned subsidiary to commence the process of implementing blockchain technology.
Blockchain serves as the next technological revolution for storing and sharing distributed data from multiple input sources, Augusta Industries said. The technology will provide the company with the capability to transfer any digital data between multiple participants in a secure and auditable fashion.
This is of critical importance to its wholly owned subsidiary, Fox-Tek Canada Inc., continued expansion of its non-intrusive technology in the oil and gas industry, whose clients include many of the biggest companies in the world. Fox-Tek believes a common system of record connecting data collected for events is of paramount importance to clients.
The company will create a platform that will allow for the analysis of data that incorporates an auditing system built for regulatory and quality assurance oversight. The platform will implement a distributed blockchain ledger using smart contracts, which provide customization of blockchain data.
Upon completion, the company intends to invite other technology companies to participate and utilize its blockchain. These companies will be involved in industries serving pipeline operations, integrity, maintenance and construction, as well as federal, provincial and state regulators. By participating in the company's blockchain, these entities will have access to surveillance, auditing, integrity, transparent data in cases of breaches in corrosion or leaks or cracks, the company said.
"Our subsidiaries provide vital services to some of the biggest energy companies and government agencies in the world. Data is a vital part of many of these services, so providing a decentralized and distributed blockchain solution that provides our clients, regulators and the industry with the best analysis and auditing tools possible will be invaluable," Allen Lone, Augusta Industries president and chief executive officer, said in a statement.