After an introduction to the Ondiflo project featured in BlockTribune, we were pleased to see this lengthy coverage of one of our favorite Early Adopters in the AWS Startups blog.
The article provides a great analysis of the value of Ondiflo for oil and gas companies, and for the industry in general:
Today, in the oil and gas industry, if a truck needed to carry 130 barrels of water from one location to another, representatives from both sides would have to sign off on the 130-barrel quantity, the start location, and end location – along with the time and mileage – just to start the commercial payment process from buyers to suppliers. It’s an excessive number of checks and balances, given that increasingly sophisticated equipment, such as tank gauges, GPS, or mobile apps, stored immutably on a blockchain, can directly provide the same information without any human interaction.
The piece then features an interview of Rana Basu, Co-Founder and COO of Ondiflo. Basu presents concrete results and findings from the Proof of Value project they have just completed with BP and three of their water hauling suppliers – a large, a medium and a smaller one. An example includes a shift of business model to pay drivers at a per-job rate. Basu explains that Ondiflo is now working with BP to scale up the project and deploy it across a much larger footprint, based on those learnings.
To conclude the interview, Basu discusses some of the challenges faced by the project and the company, and clarifies the role of blockchain: recording events immutably for legal enforceability – very far from the hype of cryptocurrencies!