Did you know that blockchain technology is in the spotlight in the energy industry? According to a survey published by the American research company “BIS Research”, the global blockchain market for the energy industry grew by more than 10 times in the 6 years from 2018 to 2024, and is ex […]
Did you know that blockchain technology is in the spotlight in the energy industry?
According to a survey published by the American research company “BIS Research”, the global blockchain market for the energy industry grew by more than 10 times in the 6 years from 2018 to 2024, and is expected to be about $6.3 billion by 2024.
Corda Use Case Study -/「Energy Block Exchange」
For over 20 years, Canadian energy business intelligence technology company “GuildOne” has built a Corda-based platform on AWS that automates royalty payments in the oil and gas industry to 2018/2.
There are three main issues to be addressed in this royalty payment business.
・Complex calculations and negotiations are required to determine the terms of the contract.
・The calculation of the payment amount is carried out independently by the producer and the right holder, so that the work is costly.
・If the interpretation of the contract conditions is different, the negotiation takes time and may develop into numbering.
We have improved these issues in the following ways by developing blockchain technologies and realizing smart contracts (Automatic Execution of Contracts).
Reliability: The calculation of royalty payments is done with the agreement agreed upon by the stakeholders visible on the blockchain.
Efficiency: Leverage smart contracts to calculate royalty payments and increase efficiency in payments by 80%.
Secure: The Corda platform ensures confidentiality by restricting access to parties only.
Scalability: Handle tens of millions of royalty payments per month.
“GuildOne” COO Mike Gee explains why he chose “Corda” in the blockchain platform:.
Meets the privacy and security standards required by the oil and gas industry.
⇒No information is shared with non-transactional network participants
Because the language is Java-based, it was familiar to the development team.
Most recently, “GuildOne” announced the successful test of “Expenditure approval certificate voting system using Blockchain technology” in collaboration with the Oil & Gas Block Chain Consortium
We hope this article gives you an idea of how blockchains are used in the energy industry.