EnHelix Oil and Gas Blockchain

oil and gas blockchain smart contracts

Energy Commodities Trading Software Launches on Hyperledger Fabric

Article featured by Coindesk: https://www.coindesk.com/energy-commodities-trading-software-launches-on-hyperledger-fabric

A new software based on the Hyperledger Fabric blockchain was launched for commodities trading for the gas industry.

EnHelix Marketplace was unveiled at the Gastech energy conference in Singapore, company executives told CoinDesk.

The software streamlines commodities trading with applications supporting every step of the process — pre-trade KYC, trade execution and post-trade risk management – while automated systems and smart contracts make these energy trades faster and more organized for users.

“When you encapsulate commodity trades in blockchain smart contracts, you essentially increase the speed of your trading activities, avoid data reconciliations and messy data interfaces,” an EnHelix representative told CoinDesk.

Blockchain’s tech advances don’t fit naturally into the commodity trading, where brokers still rely on informal channels such as instant message to negotiate deals – “and that’s not going to change,” the representative said.

These tools provide the flexibility and mobility they need.

Enhelix’s blockchain solutions for the oil and gas sector comprise three major systems, Marketplace, Logistics and Settlement. Their Marketplace blockchain is for energy and commodity firms to transact “using smart contracts in order to reduce paperwork and reconciliation for post-trade and order operations;”

The EnHelix Logistics Blockchain was “created for midstream, cargo brokers, and logistics companies to streamline their scheduling, nomination, and billing operations” via distributed ledgers. The EnHelix Settlement Blockchain is a “fin-tech system for all oil and gas, energy, commodity businesses to process, audit, and track all payments and fees.”

The efficiencies by the Houston-based energy specialists have attracted interest from 50 industry players, the company said, including consulting firm Flexera Global.

David Olson, Flexera COO, who has followed the oil and gas technology markets throughout his career, told CoinDesk that these types of commodity transactions have “a lot of room for errors, omissions, and latency – not to mention nefarious activity,” that EnHelix’s blockchain system addresses.

“Where there are multiple parties, that require trust and verification on a secure, permanent record that eliminates double counting and provides one accurate record of ownership or transfer details – EnHelix delivers.”

oil and gas blockchain smart contracts

EnHelix Releases the First Blockchain-Based Commodity Trading Software at Houston Gastech

HOUSTON, Texas, Sept. 24, 2019 (SEND2PRESS NEWSWIRE) — EnHelix®, an award-winning oil and gas commodity trading and logistics management software with artificial intelligence and blockchain, today announced the launch of its new Marketplace Blockchain software for commodity trading companies. The new software is an advanced blockchain solution for trading companies which helps to standardize and automate its system of physical trades. It reduces frauds and operational risks, and expedites payment.

The public launch marks the world’s first fully operational, enterprise pre-trade and post-trade blockchain trading system for all commodity markets. After the beta period ended, the initial response was overwhelming, with over 50 companies and consulting partners signed up to explore EnHelix Marketplace blockchain trading system.

Speaking about the new products, Jen Wang, Marketing Director of EnHelix attending Gastech conference, said: “Our marketplace blockchain is a fit-for-purpose configurable software that works on top of major CTRM or ETRM systems with the goals of faster production blockchain trading system in weeks not years.”

“Our customers are thrilled on how secure and production-ready the Marketplace blockchain system is and how it can help them solve the pre-trade and trade execution fractured processes that have plagued the industry for years,” she added.

With EnHelix marketplace blockchain solution, companies can now streamline their trading processes with blockchain with much-improved speed and security. This benefits everyone along the supply chain from market participants to customers.

How EnHelix Marketplace blockchain software for commodity trading companies makes a difference in efficient trade processes and better blockchain implementation experience.

EnHelix Marketplace blockchain software makes a lot of difference for commodity trading companies in the following ways:

· It provides traders with a new blockchain tool to automate trade execution and reduce trade discrepancies while maintaining trading flexibility and optionality.

· Marketplace blockchain system works as an upstream system to ETRM; it is designed to integrate with customers’ existing ETRM systems without expensive modifications

· With narrowing MiFID II exemptions and widening reporting scope, EnHelix Marketplace can strengthen reporting needs and address transparency issues

· EnHelix Marketplace gives companies total control, agility, and flexibility with turn-key solutions to faster production blockchain system. It also enables them to gain the benefits of the distributed blockchain technologies across their trading network.

EnHelix Marketplace is part of larger EnHelix Blockchain family of software solutions serving the commodity trading, logistics, and financial segments.

More information: https://blockchain.enhelix.com

About EnHelix®:

EnHelix is a global software leader in providing commodity trading and logistics management solutions driven by integrated Blockchain and Artificial Intelligence to serve the value chain across crude oil, natural gas, LNG, refined products, petroleum, chemical, NGL, renewals, power, and other commodity markets. Learn more: https://www.enhelix.com/

VIDEO (YouTube): https://youtu.be/g6nz2bc-D0w

oil and gas blockchain smart contracts

How Blockchain Smart Contracts Technology Benefits the Energy Industry

In the last few years, the energy sector has been key to the development of various economies. In fact, the global energy industry is estimated to be worth billions of dollars. Due to the large scope of this sector, several forms of technology have been applied to ensure a seamless transaction.

One of such technology that is currently disrupting the energy sector is Blockchain. Blockchain technology is a form of technology that is particularly adapted towards the decentralized sharing of data over the Internet. With blockchain technology, a group of computers can communicate over a somewhat public network while maintaining the privacy of activities. Blockchain technology thus provides a means of sharing data over the Internet without any form of interception.

When applied to the energy sector, Blockchain ensures trust, efficiency, transparency, and control by verifying transactions in a digital public ledger, and preventing fraud. In addition, one of the revolutionary technologies in blockchain is smart contracts which are self-executing rules and regulations in a contract.

Blockchain smart contracts can benefit the energy sector in the following ways:

  • Trading and quality management: Each day, various types of transactions are carried out in the oil and gas industry; crude oil, natural gas, and petroleum products are traded across entities involving multiple parties. The blockchain smart contract helps to bring transparency into the trading process using a distributed ledger where data and transaction details can be stored for verification by all entities.
  • Managing exchange agreements: Oil and gas firms buy products from each other and carry out reconciliation based on the exchange contracts. Most times the process of tracking the volume of products bought are done manually and not centrally within one company. However, blockchain smart contract can help track custody transfer and bring transparency into the reconciliation and settlements process because participants can simultaneously view and share data on the location and know the status of their transactions.
  • Joint venture accounting and management: Blockchain smart contract creates a distributed ledger to digitize joint venture bill generation, distribution, and acceptance with electronic authorization for expenditure (AFE) consent tracking across operators and non-operators. It also allows transparency of the distributed billing ledger and ensures fewer errors associated with disputes between operators and non-operators.
  • Get rid of third-party intermediaries: Furthermore, Blockchain based energy processes would no longer require third-party intermediaries like banks and energy companies because it offers a decentralized system which empowers customers to manage their own electricity supply contracts. With blockchain smart contracts, consumers can be directly linked with producers, thereby getting rid of today's multi-tiered system which includes distribution system operators, power producers, suppliers and transmission system operators.

Finally, although blockchain technology is still at its infant stage, it offers so many benefits to the energy sector. If the experience gained from blockchain in the financial sector can be safely deployed to the energy sector in conjunction with the use of smart contract which creates a decentralized system that eradicates the multi-tiered system and reduces fraud and corruption, the energy sector will be a transparent and efficient that is devoid of corruption in few years to come.