BARCELONA, Spain, May 25, 2017 /PRNewswire/ -- At today's Innovate4Climate conference hosted by the World Bank, San Francisco-based Xpansiv Data announced the creation of the world's first "Digital FeedstockTM" for commodity markets.
Xpansiv's "proof of concept" leverages raw commodity production data from Wyoming-based natural gas producer Carbon Creek Energy to create a digital representation for every unit of Carbon Creek's unique, low impact natural gas production. Xpansiv's registry and marketplace applications run on Gem OS, built by the Venice, Calif.-based leader in applying blockchain technology in healthcare and supply chain.
"What we've demonstrated is a first step toward allowing downstream market participants to seamlessly select specific commodity attributes," said Joe Madden, CEO, Xpansiv. "We're able to apply existing data in a new context to differentiate commodities, allowing innovative companies such as Carbon Creek to optimize their production and ease their regulatory reporting requirements while differentiating their unique production characteristics in the marketplace."
Xpansiv, working with Carbon Creek, is currently generating Digital FeedstockTM across thousands of well sites daily.
"Carbon Creek's low-pressure, frack-free production reduces climate impact and preserves fresh water," said Alan Brown, CEO, Carbon Creek. "We receive numerous inquiries from customers interested in our specific production profile, but to date, it's been difficult to differentiate our product in the market. Xpansiv's platform seamlessly translates our production data into a digital and transferable record, allowing us to offer a unique product in the marketplace. It's a game changer for the entire marketplace."
While nearly every industry has undergone some level of digitization, global commodities have lagged far behind, relying heavily on manual processes for data processing and market structures designed more than a century ago.
Much like the leap from local fiat and paper currency to virtual currencies like Bitcoin, that same transformation is now happening in commodity markets with the creation of "virtual commodities" or "Digital FeedstockTM."
Commodities, by definition, are "undifferentiated." However, at their core, all commodities are not created equal: each unit of production has unique characteristics from energy intensity to purity to associated environmental impacts such as greenhouse gas emissions and water usage.
Xpansiv takes a science-based, data driven approach to unlocking the true value of each commodity by "de-commoditizing" the commodity, creating a unique "fingerprint" for each unit of production, which is then published on the blockchain.
"We're proud to partner with Xpansiv to leverage our platform to create a secure, transparent, and immutable digital marketplace for virtual commodities," said Gem CEO and Founder, Micah Winkelspecht. "Using blockchains to register production well data creates a more efficient and profitable supply chain. And it strengthens the commitment to move the planet towards an environmentally sustainable economy. It's a win-win concept."
Xpansiv is a nextgen accelerator backed by a world-class team of experts in industrial data analytics, markets, finance, standards, policy and sustainability. We identify gaps in markets and develop science-based, data-driven solutions to unlock the next wave of innovation and investment. Visit xpansivdata.com to learn more.
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SOURCE Xpansiv Data