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Calgary-based data solutions and business intelligence provider signs memorandum of understanding to develop blockchain-based oil and gas measurement and monitoring technology
GuildOne is pleased to announce the signing of a memorandum of understanding (MOU) with Uganda’s Asigma Data to explore the design, development and implementation of a blockchain-based hydrocarbon production reporting system. In February 2018, GuildOne conducted the world’s first blockchain oil and gas royalty transaction on Energy Block Exchange (EBX), its blockchain business network for energy. This initiative will build on that expertise and experience to explore the development of a blockchain-based measuring and monitoring system to track volumes and values throughout the oil and gas value chain.
Such a system could allow contractual parties to measure and track hydrocarbon volume on a shared, immutable ledger throughout the value chain, recording the volume and ownership at each custody transfer point and, potentially, executing value exchange immediately upon custody transfer. It is intended to align with and support the Alberta Energy Regulator’s Directive 17 (D17), which is considered by many to be the most rigorous hydrocarbon measurement and tracking standard in the world. A number of oil- and gas-producing jurisdictions are looking to D17 for regulatory guidance, including Uganda.
The measuring and reporting system will be based on blockchain technologies, which have significant potential to drastically reduce data and contract disputes, G&A costs, and transaction costs and times. It will enhance the industry’s understanding of how blockchain technologies can be integrated into D17 schematics to create efficiencies and remove costly friction points, further cementing Alberta’s leadership in hydrocarbon regulation.
About GuildOne: GuildOne is a pioneering technology company providing advanced data solutions and business intelligence to oil and gas companies so they can better understand and use data to enhance business performance. Since 2015, GuildOne has invested in emerging technologies such as blockchain, machine learning, and artificial intelligence, culminating in a world-first oil and gas blockchain royalty transaction, which was transacted on Energy Block Exchange, the first blockchain platform for energy.
About ASIGMA: ASIGMA is an East African firm that leverages data and technology to add value to organizations. It has three arms: Capital, Advisory and Data. ASIGMA develops locally adaptable business strategies for organizations by leveraging our operational experience, and expertise in data analytics and business intelligence integration. We develop and/or implement business cases with a specialty in renewable energy, agribusiness and digital financial services.
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