Blockchain for Energy Use Case - Blockchain As A Solution For Seismic Entitlements
Date & Time
Tuesday, September 14, 2021, 2:00 PM
Cindy Cummings Agustin Diz

Seismic is a long-lived asset the oil and gas operators and service company hold.

Seismic is not static: A survey may be processed many times as new technologies become available, generating new versions of final and intermediate products.

Seismic is used both to lease/license to others, or as a negotiation element in Joint Ventures. The ways that seismic is exchanged are many, and complex. Yet conditions on how it may be used varies.

Because of its longevity and complex contractual framework, tracking the Entitlements of seismic can be difficult.

Blockchain provides a way to track, in an immutable way, all the transactions between companies. Using Smart Contracts allows the rapid verification of conditions of use. Using a decentralized Blockchain ensures confidentiality of the transactions.

A Proof of Concept is being developed to prove that Blockchain does comply with all the requirements listed.   Some possible benefits: Facilitate seismic marketplaces; Company Entitlements in Cloud Environments could be managed faster and safer.