Calgary-based GuildOne Inc. (GuildOne) is pleased to announce the company’s new engagement with Houston-based energy consortium Blockchain for Energy. The leading global organization for collaborative blockchain development for the Energy industry with participation from industry majors like Chevron, ConocoPhillips, ExxonMobil, Hess, Pioneer Natural Resources and Repsol, Blockchain For Energy will be moving forward with GuildOne on the world’s first implementation of blockchain for Integrated Joint Venture Management (IJVM).
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“R3 is delighted to be working with Blockchain for Energy and GuildOne on the world’s first blockchain-based Integrated Joint Venture Management pilot. Corda was built with the highest standards of privacy and security in mind and is ideally suited to empower IJVM’s end-to-end joint venture solution.”
A significant pain point in the Energy industry, Joint Ventures (JV) are common and require complex agreements that result in frequent disputes and high G&A costs, leading to project delays and relationship challenges. The upcoming Blockchain For Energy IJVM pilot will be built using R3’s Corda blockchain platform and GuildOne’s proprietary smart contract technology, ConTracks, to create an end-to-end JV solution.
The IJVM pilot builds on Blockchain For Energy and GuildOne’s successful industry-first Proof of Concept (PoC) blockchain solution for Authorization for Expenditure (AFE) balloting. The pioneering AFE solution was also built using GuildOne’s ConTracks on R3’s Corda blockchain platform, to automate the currently time consuming, manual balloting process and calculate complicated working interest obligations.
With AFE balloting working in synergy with Joint Interest Billing (JIB) functionality this creates the foundational IJVM solution that the industry needs to break down silos and share relevant one source of truth data among internal and external parties. These two blockchain applications represent a powerful step forward towards a more digitalized, streamlined and secure future for the Energy industry. The IJVM pilot will also demonstrate the first energy use case deployed on Blockchain for Energy’s Corda blockchain business network, which will provide a development and governance model for other emerging use cases.
The creation of Blockchain for Energy’s Corda blockchain business network empowers collaboration and enables the ability to reduce costs of blockchain development for the Energy industry. It will provide participating energy companies with access to blockchain nodes for both sandbox development and commercial implementation, allowing the consortium to support blockchain adoption at scale in the global Energy industry.
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According to Executive Director Rebecca Hofmann, Blockchain For Energy’s engagement with GuildOne demonstrates how strategic blockchain adoption can optimize processes across the industry.
“I’m proud of the progress we’ve made together on our blockchain applications like AFE balloting, as well as the development of a foundational business network that will support a wide variety of future use cases. Blockchain will be a major part of this project, and our collaboration with GuildOne is helping this technology evolve to replace many outdated, manual processes that limit our industry’s growth and profitability.”
GuildOne’s Director of Research and Development, Mike Gee, said that the Blockchain For Energy collaboration was accelerating the timeline for blockchain adoption in energy. “We are very excited to enable Blockchain For Energy to pilot more use-cases on ConTracks. IJVM is a natural evolution of our pioneering work with AFE balloting and with infrastructure now in place, time-to-market for new use-case functionality will be shorter than ever.”
Cathy Minter, Chief Revenue Officer at R3, commented: “R3 is delighted to be working with Blockchain for Energy and GuildOne on the world’s first blockchain-based Integrated Joint Venture Management pilot. Corda was built with the highest standards of privacy and security in mind and is ideally suited to empower IJVM’s end-to-end joint venture solution.”