Ondiflo, A Platform Built On Ethereum Blockchain, Transforms The Order-To-Cash Process In The Oil And Gas Industry
Amalto SA, a leader in Order to Cash, Logistics and Field Data Management and ConsenSys, a global Blockchain company, announced today the formation of Ondiflo, a joint venture to develop and grow a platform dedicated to the automation of all ticket-based processes in the oil and gas industry.
Founded by Amalto’s CEO Jean Pierre Foehn, Sandro Giannetti, an entrepreneur and startup investor, and ConsenSys’ Rana Basu, Ondiflo is an Ethereum Blockchain-based solution that revolutionizes the historically complex and time-consuming ticketing-based processes in the oil and gas industry.
Ondiflo leverages pre-existing products developed by each company, including Consensys’ cloud-based dashboard TMS and Amalto’s Platform 6 to provide the first end-to-end solution for the industry. Ondiflo is built upon an Ethereum Blockchain infrastructure, that automates all steps of the order-to-cash process associated with field services in upstream, midstream and downstream markets.
Joe Lubin, Co-Founder of Ethereum and Founder of ConsenSys said, “At ConsenSys, we are dedicated to building the Ethereum ecosystem and committed to supporting new use cases across all industries. As one of our first ventures into the Oil and Gas supply chain industry, Ondiflo will offer a solution where all operators and service companies can benefit from digitization, automation and the seamless exchange of data and immutability of their records, made possible by the Ethereum platform. Ondiflo will deliver efficiency to processes, which today are still largely manual and paper-based, like Field Ticketing or Bill of Lading, and are ready for the blockchain.”
Jean-Pierre Foehn, CEO of Amalto said, “By seamlessly managing data from IoT sensors at the well site or the storage terminal to the fulfillment stage—and, eventually, to the payment stage, and by bringing all stakeholders and trading partners to the Blockchain, Ondiflo is going to radically change how the industry manages its back-office. It will increase the level of trust between operators and suppliers, and also improve regulatory compliance.
Sandro Giannetti, CFO of Ondiflo, mentioned, “The visibility and efficiency afforded by Blockchain and smart contracts will allow us to offer a low-cost payment and supplier financing solution that will dramatically reduce transaction times to oil & gas service providers.”
Ondiflo will be launched as a consortium, where operators, suppliers and financial institutions will lead the initial adoption of the solution by the industry leveraging existing standards like PIDX. A meeting gathering key stakeholders will take place in Houston on February 15th to explore the organization of the consortium.
Foehn also commented, “The industry has been very efficient at improving drilling or production in the past years but has not paid enough attention to supporting activities like water hauling, for example. Blockchain, IoTs, cloud platform and mobile devices coming together at a time, where the need for efficiency is critical will contribute to achieving maximum operational and financial performances. Ondiflo will be a major catalyst of this transformation.”