BlockApps & Blockchain For Energy to develop blockchain-based seismic entitlement platform – Geospatial World


BlockApps has announced its latest engagement with Houston-based energy consortium Blockchain For Energy. The global leaders are working on the development of a blockchain-based seismic entitlement platform to provide a decentralized solution for more efficient and traceable transactions. The project, which is based on the BlockApps STRATO platform, is being developed with participation from consortium members, who include Repsol, Chevron, ConocoPhillips, ExxonMobil, Hess, and Pioneer Natural Resources.

Seismic entitlement processes are complex, challenging to keep compliant and costly to maintain. Blockchain technology addresses these challenges by recording all transactions in an immutable manner with no single point of failure. This provides greater transparency and traceability for oil and gas companies, service providers, resource holders and government entities, while enhancing the security of asset transactions since no single entity has central access to records of all transactions.

“Seismic entitlements are integral parts of oil and gas partnerships, joint ventures and the conditions that seismic information vendors place on their products. Keeping track of these over decades means there are significant costs and challenges in ensuring compliance by all companies involved. However, this tracking does not add value to the product. Blockchain greatly simplifies and streamlines the process, providing greater transparency, while preserving confidentiality,” Raquel Clement, Project Sponsor with Chevron and Chairperson of the Board, Blockchain for Energy, was quoted as saying.



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