Blockchain for Energy launches its first industry-grade Web3 Commodity Transport Solution — available exclusively on the B4E Network & Platform.
HOUSTON--(BUSINESS WIRE)--#BlockchainForEnergy--Following the successful launch of the industry-driven Network & Platform, Blockchain for Energy (B4E), proudly introduces its new Commodity Transport Web3 Field Automation solution. Available exclusively via the B4E Network & Platform, this cutting-edge solution unlocks operational and financial efficiencies with the powerful convergence of IoT and Web3 technologies. The solution delivers the first decentralized, data-driven verification, and multi-party process automation.
Digitizing Validation Processes for Commodity Deliveries & Logistics
Strategically designed by B4E members through industry collaborations, the solution digitizes the current manual validation processes for commodity deliveries and logistics—which are often plagued with untimely information and data discrepancies. This ecosystem, creates real-time visibility and hyper-automation for field logistics, ensuring significant cost reductions, streamlined operations, and frictionless consumer-supplier interactions.
“The Web3 space is moving fast, and our field technology solutions need to keep pace. The B4E Network & Platform provides the perfect environment to adopt and scale our new commodity transport field automation solution,” said Raquel Clement, Chairperson of the B4E Board, and member for Chevron. “Our goal is to help the industry easily access solutions that reduce costs and drastically improve efficiencies as we move toward a lower-carbon future.”
Modernizing Field Technology
The B4E solution provides operators and vendors with the information they need — when they need it. The solution is completely auditable based on immutable blockchain records.
Commodity Transport Web3 Field Automation benefits include:
- Delivery validation verified by the decentralized consortium blockchain.
- Timely delivery visibility to monitor delivered goods and services in near real-time.
- Operational program management to monitor and enforce expected deliveries and behaviors at the item, product, or treatment level.
- Exception-driven management, allowing automation to validate based on tolerances.
- Standardized commodity items to promote industry-standardization for common commodities, treatments, and services.
- Seamless integration to easily integrate with other systems through a robust API.
- Expandable logic to allow adoption across multiple commodities, business units, and geographic regions.
- Utilizes SCADA and IoT data to tap into existing and new SCADA and IoT data for precise operational management.
“The solution will be transformative for how operators and vendors manage commodity transportation. The solution will leverage blockchain smart contracts to validate sensor, GPS, and other IoT data, to digitize and automate previously manual processes,” said Mike Green, B4E Board Member and Digital Transformation Lead for Chesapeake Energy. “Both operators and vendors will realize improved efficiency, accuracy, transparency, and reduced costs.”
By optimizing processes and ensuring a secure, seamless exchange of information, B4E aims to cultivate stronger counterparty relations and streamline operations. The B4E Network & Platform is the foundational element of the solutions offered by Blockchain for Energy. Web3 Field Automation is the first of many applications in the pipeline and represents a significant stride forward for B4E as it embraces Web3, a decentralized internet powered by open source blockchain technology. With multiple projects currently spearheaded by consortium members, the B4E Network & Platform allows companies to build Web3 solutions on top of B4E’s decentralized and interoperable platform.
B4E’s next solution, slated for release at the end of 2023, leverages the B4E integrated Digital Measurement Reporting Verification (dMRV) Solution. This solution will use an interoperable convergence of Blockchain, AI and IoT, for the standardization and monetization of renewable energy production and decarbonization operations.
About Blockchain for Energy
Utilizing the benefits of blockchain technology, the Blockchain for Energy (B4E) consortium provides its members with forward thinking learnings and solutions for the energy industry. It collaboratively drives digital transformation toward Web3 by providing members with opportunities to accelerate their digitalization journey. Through collective synergies, B4E seeks to resolve, reinvent, and transform the industry’s standard ways of working. Blockchain for Energy is a safe venue to create transformational change – for the energy industry – by the energy industry. Current B4E members include API, Chesapeake Energy, Chevron, ConocoPhillips, Devon Energy, ExxonMobil, Enovate.ai, EQT, Katalyst Data Management, Pioneer Natural Resources, Repsol, Saudi Aramco, Schlumberger.
Blockchain for Energy