Midstream Oil and Gas Blockchain comprises of all activities which involve storage and transportation. Barges, pipeline, vessels, and trucks are all used for this purpose. Midstream companies work closely with upstream operators and commodity traders to ensure their products are delivered on time and with the correct quality.
Midstream oil and gas sector involves many shared resources. The assets are shared, the pipeline is shared, and even the storage tanks are shared. The sharing involved, together with many orders and nominations subjected to corrections and amendments, and the immutability and traceability nature of blockchain is a perfect tool to solve this problem.
Therefore, for a successful oil and gas midstream operation, proper coordination is an absolute necessity, and blockchain distributed ledger, and smart contracts can streamline all operations and provide transparency to customers and operators.
How does Enhelix blockchain technology work in the midstream oil and gas sector?
EnHelix is software leader in providing commodity trading and logistics management solution driven by integrated Artificial Intelligence, Blockchain, and AWS cloud to serve commodity businesses of size and kinds. EnHelix blockchain is deployed entirely on the cloud.
The software platform works on top of the best Enterprise-grade framework Hyperledger Fabric on super scalable AWS services – business solutions and technologies packaged for a faster blockchain production system. Enhelix blockchain solutions for the midstream oil and gas sector comprises of three major systems which include:
- EnHelix Marketplace Blockchain system: Here, energy and commodity firms can conduct business transactions using smart contracts in order to reduce paperwork and reconciliation for post-trade and order operations.
- EnHelix Logistics Blockchain system: This was created for midstream, cargo brokers, and logistics companies to streamline their scheduling, nomination, and billing operations with improved speed and transparency using distributed ledgers.
- EnHelix Settlement Blockchain: This is a fin-tech system for all oil and gas, energy, commodity businesses to process, audit, and track all payments and fees.
Benefits of Enhelix Blockchain in the midstream oil and gas sector
Some of the top ways in which the EnHelix distributed ledger technology benefits the midstream oil and gas processes includes the following:
Nominations and Scheduling Management: Basically, the energy midstream and commodity cargo segment require close coordination between pipeline shippers and downstream customers to ensure the continuous flow of products without disruptions and curtailments. EnHelix logistic blockchain provides the all necessary peer-to-peer smart contracts to ensure nominations process are transparent, timely, and accurate with blockchain technologies. With the application of blockchain processes, it becomes possible to track supplies, products, and other resources needed in the midstream level of operations.
Multi Transportation Tracking: The oil and gas midstream and commodity segment work like a utility business. It is highly regulated which makes the blockchain technology suitable due for transparency and supply chain tracking. During the transportation of both natural gas and crude oil, vast networks of pipelines are involved. Tracking the flow of the products transported by cargo ship, and the rail is, therefore, of importance to the stakeholders. With the help of EnHelix blockchain technology, the manual efforts required to track the transport chains is reduced, and thus improving the midstream efficiency.
Finally, the midstream oil and gas and commodity sector can benefit a lot from the distributed ledger technology. The segment can enhance its scheduling and nomination management, infrastructure maintenance, disaster management, and much more. Companies using EnHelix Marketplace Blockchain system, EnHelix Logistics Blockchain system and EnHelix Settlement Blockchain can improve their asset regulations, and this can benefit the company itself, the workers, and the stakeholders.