Updated project will now allow manual off-ledger settlement for oil and gas royalty and joint venture transactions on GuildOne’s Energy Block Exchange using R3’s Corda

R3 and GuildOne have announced that manual off-ledger settlement features have been added to R3’s Corda Settler project that will allow for traditional payment rails to be used to settle obligations on GuildOne’s Energy Block Exchange (EBX). Corda Settler is an open-source Corda distributed application, or CorDapp, that enables parties transacting on Corda to settle transactions to any cryptographically signed payment rail or platform.

The update will allow users of EBX, which is built on Corda, to settle oil and gas royalty and joint venture transactions using traditional payment methods. It was spearheaded by Curtis Stanford, Chief Scientist at GuildOne, in conjunction with Roger Willis, Associate Director and Developer Relations Lead at R3. In a post on software development platform GitHub, Stanford explained that “We created manual settlement because we need it for our clients who do off-ledger settlements [manually] by EFT, cheque, etc.”

Prior to this update, there was no way for a party receiving a payment in Corda Settler to manually confirm that the payment had been received. GuildOne CTO Barry Kreiser stated that “Rather than treating manual settlement as an exception, we decided it made sense to implement another settlement method within Settler.”

The update illustrates that on-ledger payment systems are not yet universally recognized and supported. “On-ledger settlement, supported by Settler, is far superior in terms of efficiency and traceability but is currently limited to electronic payment rails, such as SWIFT, or cryptocurrencies, such as XRP (Ripple),” said Kreiser. “Until there is more support in Canada for these settlement methods or—even better, digitized fiat currency—alternative integrations to traditional rails are required.”

The collaborative effort speaks to the power of R3’s open-source architecture to allow users, such as GuildOne’s Stanford, to develop customized CorDapps to meet the specific needs of their users and clients. Todd McDonald, R3 Co-Founder and Head of Product and Marketing, said “one of the great strengths of the Corda open-source ecosystem is the variety of firms doing really important work to build new functionalities and tools on the platform. GuildOne’s contribution will greatly improve the flexibility of Corda Settler to settle more payments for enterprise users.”

GuildOne President and CEO James Graham responded that GuildOne was “proud and happy to have added key functionality to Corda Settler.” CTO Kreiser added that “GuildOne is happy to help out where we can with the Corda open source projects.”

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About R3: R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 200 members and partners across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.

R3’s global team of over 200 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base.

The Corda platform is already being used in industries from financial services to healthcare, shipping, insurance and more. It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce.

www.r3.com 

About GuildOne: GuildOne is a pioneering technology company that transforms complex data from diverse systems into valuable information assets to enhance business performance. GuildOne also helps oil and gas companies achieve revenue completeness by identifying, calculating and capturing their full royalty and joint venture interest entitlements. In 2018, GuildOne conducted the world’s first blockchain oil and gas royalty transaction on Energy Block Exchange (EBX), its blockchain business network for energy transactions.

www.guild1.com

Media Contact Info

GuildOne:
Pamela Balkwill
GuildOne Inc.
+1 403 829 5171
media@guild1.com

R3:
Nick Murray-Leslie
Chatsworth Communications
+44 (0)207 440 9780
contact@chatsworthcommunications.com

Charley Cooper, R3
+1 917 855 8529
charley@r3.com