BLOCKCHAIN TO AUTOMATE LEGAL ENFORCEABILITY
Ondiflo Leverages Blockchain Technology
Blockchain Technology Improves Oil and Gas Operations
Transaction costs: Saves on multiple dimensions reducing burden of non-core transaction steps.
Claims: Better resolution outcomes with immutable record of facts, assets and timelines.
Compliance: Rapid verification of valid transactions via shared ledger.
Reconciliation: Eliminate or significantly reduce reconciliation efforts with smart contracts.
Trust: Secure, reliable transaction record.
Settlement: Speed of transactions increased by transparency and Consortium validation.
Efficiency: Realize efficiencies along the transaction life-cycle by standardizing smart contracts.
Blockchain Technology = Legally Enforceable Automation = Immutability and Security
Cryptographically Secure: Uses tried and true public/ private signature technology. Blockchain applies this technology to create transactions that are impervious to fraud and establishes a shared truth.
Decentralized: There are many replicas of the blockchain database and no one participant owns nor can tamper with it. Consensus among majority participants is needed to update the database.
Immutable Ledger: Blockchain is a write-once database, so it records an immutable record of every transaction that has occurred since its inception.
Smart Contract: The Ethereum blockchain can store both data and Smart Contract (“Business Logic”) in the blockchain.
To deploy a Blockchain peer to peer solution at the enterprise level, Ondiflo works with its customers and develops solutions to address various specific requirements including:
Ondiflo's Implementation of Blockchain Technology
Field Automation
IoT sensors/SCADA measure storage and tanks 24x7, Monitor and collect service data, Fully integrated with dispatching and back office
Back-Office Integration & Smart Contracts
Full integration with field, Smart contracts on Blockchain create e-Service Tickets and approved e-invoices, Reports filed with regulators, All transaction records shared immediately on Blockchain, Full audit and compliance
Payment and Trade Finance
Trade finance is part of the solution, Service providers get paid immediately after service, Buyers pay normal commercial terms.
Results
1 day from order to approved invoice
90% reduction in processing cost, optimal dispatching, reconciliation eliminated, sharp reduction in financing cost for service providers, full transparency and auditability, lower HS&E risk and liability.
Ondiflo + Blockchain
Ondiflo is...
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An automation technology with a suite of smart contracts allowing full automation of manual P2P processes
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Initial application is Oil Well Water Hauling which is currently being rolled out by a large well known oil conglomerate
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A private permissioned Blockchain leveraging Ethereum with Proof of Authority (PoA)
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An Open API leading to easy onboarding of new systems and trading partners
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A flexible enterprise governance mechanism for validation of blocks
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A suite of security services enabling obfuscation of transactions
Ondiflo is NOT...
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A public Blockchain infrastructure based on mining
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An in-house developed Blockchain protocol
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A crypto currency/ private token based solution
Ondiflo: Why Ethereum?
Ethereum Offers:
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Security and resilience
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Security hardened, and battle tested through the public instance since 2015
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Enterprise adoption is improved by the large number of known situations and recovery mechanisms
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Developer community and adoption
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Platforms gain adoption rapidly when users are able to use the same tools / technologies for both personal and enterprise use
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Scale of experimentation allows for more optionality for solving problems
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Roadmap
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Enterprise Ethereum Alliance to ensure enterprise readiness of the platform as it evolves
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Strong core team backed by a foundation with strong governance, with well defined roadmap for next several years
The Ondiflo Blockchain Governance
IT
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Node participation in a shared network: hosting, certification
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Validation ability: round robin approach for validation nodes
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Network growth: adding/ removing participants
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Islanding and security breaches in a shared network
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Master data translations / standards (PIDX, LEAP, etc..)
Operations + Legal
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Legal enforceability of smart contracts among participants, with regulators and auditors
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SLAs
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Privacy policy/ NDA to prevent decryption of data inside nodes
