HOUSTON, Feb. 22, 2018 /PRNewswire/ -- Ondiflo, a blockchain platform that automates all ticketing-based services for the Oil and Gas industry, announced on February 22 in Houston its intention to form a Consortium, an industry group focused on the development of its blockchain ticketing solution. The Consortium will be a collaborative effort between major Oil & Gas stakeholders: producers, midstream companies, refiners, distributors, service providers, financial institutions and electronic data exchange providers.
Under Ondiflo's leadership and management, members of the Consortium will determine and design use cases for the solution. Ondiflo will lead the technology development, operate the Blockchain platform, and manage the rollout of all blockchain-based applications. Ondiflo will leverage pre-existing products developed by its parent companies, including ConsenSys' TMS and Amalto's Platform 6, to provide the Oil & Gas industry with the first ever end-to-end solution built upon an Ethereum Blockchain infrastructure that automates all steps pertaining to the order-to-cash process associated with Upstream, Midstream and Downstream field services. Consortium members will benefit by sharing knowledge and resources, and by December 2019, able to deploy the solution as users.
Jean-Pierre Foehn, CEO of Ondiflo, said, "During our initial presentation of the Ondiflo Consortium attended by twenty upstream, midstream and downstream companies, it became apparent that the industry perceives Blockchain as a technology that will be key to automating millions of order-to-cash transactions associated with ticketing services. The consortium approach has been well received by the industry to deliver operational efficiencies, cost reductions as well as increased trust between all stakeholders."
"We are seeking to participate in the crude/water hauling use case, but are potentially even more interested in the roadmap to evolve more complex use cases after we stabilize operational aspects," said a participating Oil & Gas Operator, reflecting a desire from the group to move to production and work towards more evolved use cases in the industry.
Sandro Giannetti, CFO of Ondiflo, added, "We have already begun the process of engaging organizations willing to participate and plan to have the Consortium active in Q2 of 2018. Moreover, we intend to rally a few participants behind our project, but this time as investors."
Members with experience in different for-profit and not-for-profit consortia shared their perspectives on challenges that consist in moving rapidly to maintain momentum in such a group context. To that affect, the Ondiflo Consortium has set itself very aggressive deadlines to keep the inertia and move to production for the first three use cases by the end of 2018.
A similar meeting will take place in March in Calgary, Canada.
Ondiflo is headquartered in Houston, Texas. For more information, please visit Ondiflo.com.
Ondiflo is a joint venture between Amalto SA, a leader in order-to-cash, Logistics and Field Data Management and ConsenSys, a global Blockchain company.