Sunday, February 5, 2023

Ethereum-Based Oil & Gas Ticket Processing, Courtesy of ConsenSys

Ethereum-Based Oil & Gas Ticket Processing, Courtesy of ConsenSys

Blockchain software powerhouse ConsenSys is teaming up with data management maestros Amalto to create an Ethereum-based platform to automate ticket orders in the multi-trillion dollar oil and gas industry. Described as a “seminal moment” by Ethereum co-creator Joe Lubin, the partnership portends the marriage of blocktech with society at large. 

Also read: ‘Satoshi’s Vision’ Bitcoin Cash Conference Adds Craig Wright, Others to Speaker Lineup

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ConsenSys Teams Up with Amalto

Announced on January 27th, ConsenSys and field data specialists Amalto will be partnering up in a new venture dubbed Ondiflo.

Headquartered out of Houston, Texas — a hub in the American energy scene — Ondiflo will rely on “Amalto’s Platform 6 and ConsenSys’ cloud-based dashboard Transportation Management System,” per Forbes correspondent Gaurav Sharma.

The Ethereum-based system that will underpin the collaboration will be used to to optimize the billing and field ticketing in order-to-cash oil and gas markets, processes which have hitherto been heavily reliant on  inefficient an unruly paper documentation. ConsenSys

ConsenSys founder and Ethereum co-creator Joe Lubin was unsurprisingly bullish on the collaboration:

“As one of our first ventures into the oil and gas supply chain industry, Ondiflo will offer a solution where all operators and service companies can benefit from digitization, automation, and the seamless exchange of data and immutability of their records, made possible by the Ethereum platform.”

Ethereum Sharding on the Horizon?

As it pertains to scalability, the holy grail in the Ethereum community is the innovative  prospective scaling solution known as sharding. The process, which involves breaking data on the Ethereum blockchain into easily digestible units, is getting closer.

That’s per Ethereum creator Vitalik Buterin, who recently noted in an Ethereum dev discussion that “it seems like part one of phase one [of sharding] is getting something like being already done.”

So, while network congestion has caused an acute gas price surge on the Ethereum network in recent weeks, the promise of sharding — not to mention Plasma sidechains and Raiden Network state channels — has Ethereum enthusiasts hopeful that “Ethereum killers” like Cardano and EOS can be weathered.

What’s your take? Is this oil and gas industry collaboration just the first of many similar partnerships to come? Let us know what you think in the comments below.

Images via Business Insider, Wikipedia


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