Ethereum enters Oil and Gas industry

Ondiflo, a joint venture between field data management company Amalto SA and blockchain company ConsenSys plans on developing and growing a platform dedicated to the automation of ticket-based processes in the oil and gas industry.

Ethereum is currently trading at $1065.5 with a market cap of $103 billion and happens to be the only token in the Top 10 virtual currencies that didn’t lose more than 50% of its value.

Ondiflo, founded by Amalto’s CEO Jean Pierre Foehn, Sandro Giannetti, and another start-up investor is an Ethereum blockchain-based solution that will be applied to the historically complex and time-consuming ticketing-based processes in the oil and gas industry. It will automate all steps of the order-to-cash process associated with field services in upstream, midstream and downstream markets.

Joe Lubin, co-founder of the Swiss-based Ethereum, says,

“At ConsenSys, we are dedicated to building the Ethereum ecosystem and committed to supporting new use cases across all industries.”

Amalto’s CEO Jean Pierre Foehn, says,

“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.”

A meeting gathering key stakeholders will take place in Houston on February 15 to explore the organization of the consortium.

Phil Norman, a cryptocurrency investor since 2012, says,

“Ethereum, for the past month has just seen positive news after positive news. The Ethereum ecosystem is well thought out that it can be applied to almost any infrastructure in any industry. I think Ethereum will soon overtake Bitcoin in terms of market cap and value, it definitely is the most promising token out there”

Naveen Andrews, a blockchain developer from Paris has a more skeptical view and says,

“I truly believe that Ethereum has excellent real-world applications, the only thing I’m not happy about is that the cryptocurrency markets are still in its infancy stage because the value of any coin is based on how Bitcoin is doing in the market.”