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
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.
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
An automation technology with a suite of smart contracts allowing full automation of manual P2P processes
Initial application is Oil Well Water Hauling which is currently being rolled out by a large well known oil conglomerate
A private permissioned Blockchain leveraging Ethereum with Proof of Authority (PoA)
An Open API leading to easy onboarding of new systems and trading partners
A flexible enterprise governance mechanism for validation of blocks
A suite of security services enabling obfuscation of transactions
Ondiflo is NOT...
A public Blockchain infrastructure based on mining
An in-house developed Blockchain protocol
A crypto currency/ private token based solution
Ondiflo: Why Ethereum?
Security and resilience
Security hardened, and battle tested through the public instance since 2015
Enterprise adoption is improved by the large number of known situations and recovery mechanisms
Developer community and adoption
Platforms gain adoption rapidly when users are able to use the same tools / technologies for both personal and enterprise use
Scale of experimentation allows for more optionality for solving problems
Enterprise Ethereum Alliance to ensure enterprise readiness of the platform as it evolves
Strong core team backed by a foundation with strong governance, with well defined roadmap for next several years
The Ondiflo Blockchain Governance
Node participation in a shared network: hosting, certification
Validation ability: round robin approach for validation nodes
Network growth: adding/ removing participants
Islanding and security breaches in a shared network
Master data translations / standards (PIDX, LEAP, etc..)
Operations + Legal
Legal enforceability of smart contracts among participants, with regulators and auditors