CALGARY, ALBERTA – (Feb. 14, 2018) – GuildOne Inc. (“GuildOne” or the “Company”) is pleased to announce the first execution of a royalty smart contract using the Company’s new Royalty Ledger application on R3’s Corda blockchain platform. The announcement was made at the Blockchain, IoT and Machine Learning in Oil and Gas Conference on February 14th in Calgary, Alberta.
Utilizing blockchain technology, Royalty Ledger successfully executed an oil royalty contract settlement and payment transaction. As a Proof of Concept, Royalty Ledger is the first implementation of a smart contract in the oil and gas royalty sector and was delivered together with NAL Resources Management Limited, PrairieSky Royalty Ltd. and ATB Financial.
James Graham, President
Wellington Holbrook, Chief Transformation Officer at ATB Financial says, “We’re proud to have supported GuildOne in applying Blockchain technology to a normally
David Rutter, CEO of R3, comments: “Corda’s strength comes from its vibrant ecosystem of interoperable applications for finance and commerce. We are pleased to welcome GuildOne to our rapidly growing network of partners, harnessing the power of Corda to overcome the specific challenges faced by their customers.”
Digital assets, distributed ledgers (of which Royalty Ledger is one of) and smart contracts are impacting, or are about to impact, all levels of modern society. Business networks are forming – including oil and gas operators, producers, rights owners, banks, and government regulators – to improve the efficiency and outcome of energy industry contracts.
“This approach should primarily address any inconsistencies in interpretation of royalty rate and any disputes associated with this. This will significantly lower costs, improve efficiencies and improve the transfer of money in our industry,” said NAL Resources Management CFO Keith Steeves.
Projects are focused on eliminating dispute, enhancing collaboration, and ensuring transparency and completeness in oil and gas royalty transactions. Blockchain can help eliminate dispute – with tremendous potential for
About GuildOne Inc.
For more than two decades, GuildOne has been supplying advanced database solutions and business intelligence to the oil and gas industry. During the last two years, GuildOne has researched emerging technologies including blockchain, machine learning, and artificial intelligence.
For more information, visit guild1.com.
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R3 is an enterprise software firm working with a network of over 200 banks, financial institutions, regulators, trade associations, professional services firms
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Corda is the outcome of over two years of intense research and development by R3 and its members and meets the highest standards of the banking industry, yet is applicable to any commercial scenario. It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers,
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