Blog - Aboil Sands

Benefits of blockchain technology in the industry

Teresa Sears Blockchain, Industry Benefits, Blockchain, Industry

Today blockchain already presents a register of records in highest quality manner of transparency and safety. Just possibility of relocating cryptocurrency using the interlinked network where only users themselves have authority tells a lot about this technology. Various benefits will make blockchain technology relevant for generations. Here are just some of them to give you a clear picture.

Smart contracts

Through the blockchain construct, you get automatically validated agreement. There is no need for advocates because of centralizing everything to a unique platform. It makes a real bottleneck effect on the profit and success of the business.

Quality guarantee

Blockchain system has ability to lead you immediately to the point of deformity if it exists. This really makes easier to accomplish successful investigations with eliminating existing problems. Less time is lost and more time is there to make more profit. This is really useful for example in the food sector to assure the quality of the products and safety of future customers.

Supply management

Cost-effectiveness and traceability are the main tools in this section which bring it to the higher level. Blockchain technology makes it much simple when it comes to ownership transfer, production guarantee process, and settlement stage. Tracking the quantity and origin of goods was never easier and effective.

Financial accounts

There is no worry about manipulation and human error while Blockchain technology records transactions. Not only this, but there is a trace of audit trail left which really makes this part of the story making a higher level for any kind of business in the industry. Plus at the end, there is a remarkable integration of all included the company’s financial information.

Energy fund

Blockchain really increases tracking of the needed clean energy. Tradable certificates play the main role while tracking renewable energy traditionally while being issued by the government. When it comes to serving the purpose it comes pretty terrible in the traditional way while blockchain technology doesn’t have any trouble while handling this kind of work.

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Peer to peer transaction

This technology is based on the consensus of many peers which can make changes to the chain. There is no leading party, organization or individual which has a word of accepting or denying some transaction. Communication is made between many machines also known as miners which make these transactions between each other and also with individuals outside this network.

Oil and gas make good candidates for blockchain technology because of its inherent trading nature. Characteristics regarding areas in oil and gas industry such as expense sharing, ownership change and multi-party collaboration make the perfect platform for blockchain. Most important uses are with monetary considerations, previous transactions database that will be used in the future and high frequency of present transactions. The conclusion comes to this, oil and gas industry can really benefit from blockchain technology starting from transparency to efficiency and much more reasons. Blockchain makes a perfect solution for this kind of multi-party coordination while optimizing it. Through all the time it is made with much higher standards providing not only great profit but safety and good future looks.

Opportunity streams in oil and gas industry

Teresa Sears Blockchain, Industry, Oil sand Blockchain, Industry, Oil Sands

There are three categories in the gas and oil industry, upstream, midstream and downstream. Each one actually presents a different part of the complex process in this industry. While upstream presents the resource extraction and exploration, the midstream is referred to transport and storing of the extracted resources. Final downstream category presents the part in which are final products refined from resources and provided to future users. This path from clear resource to final stage is really complex and includes sometimes even dozens or hundreds of companies, articles, actions and legal arrangements.

These categories are coordinated through various methods like manual data entries, written contract or compromised processes and this is where the blockchain technology makes its role. It optimizes reconciliation, communication and info management in order to help and achieve the highest integrated results of production.

Upstream stage

As said, includes exploration and extraction itself so more exactly these are the companies or stakeholders which make drilling and contract companies. This part actually includes the biggest numbers of partners which are based to work on transmission and data management in order of high profit and success. Performance-based contracts are also an important part of this stage which makes sure that while one partner completes certain task it initiates other partner’s productivity. Blockchain technology makes sure partners do their job by making them “staking” a value which can be some profit percentage, outright money or similar. These smart contracts make sure other teams complete their work as it should be. Reconciliation process which is used to pay the companies is much more improved and reduced to just a few days.

Midstream stage

wrok This stage includes transport from field to refineries which is done by various rails, trucks, pipelines or tankers. Blockchain technology improves this stage as the first one with its benefits. For example, these uses pipelines may be sometimes for thousands of miles long. Every part of it must be properly inspected and confirmed it is safe and functional. Here comes the part where midstream companies get in touch with other local companies and make contracts with which every of this local company is obligated to inspect a specific section of the pipeline, more exactly section found in their region. Here comes part same like in upstream stage and that is “staking” value when declaring each section. These contracts also include employees who do the inspection altogether with recorded results, expertise, training and license. There is a lot of money, time and energy saved.

Downstream stage

Part of this huge path which contains preparation, refining and clarifying natural gas and crude oil to the well-recognized products for customers. Those are jet fuel, asphalt, diesel, gasoline and many others. We all heard about Shell right? Blockchain technology suits here perfectly when it comes to gas stations and gasoline. It builds satisfaction and loyalty of the customers, improves cost and reduces data management by implementing a series of smart contracts. This makes successful coordination of downstream companies by parent companies.

Oil sands industry and environment

Teresa Sears Industry, Oil sand Industry, Oil Sands

The increase of global energy demand will only grow within time driven by population growth. Everybody wants to live the life of higher standards so desire to achieve that also includes more energy resources. One of the significant roles in this situation also have hydrocarbons and unconventional sources of oil and gas including oil sands. Canada presents one of the main leaders of this resource, especially in northern Alberta. For Canada, energy sector presents a leading economic driver and oil sands is a reliable source not only for Canada but also for North America.

But this significant energy source also brings significant environmental impact. This impact is made from tailing ponds, water use, surface land exploration, GHG emissions and air pollutants. This is why the government and energy industry is also focused on monitoring of the environment and clean technology improvement. This impact has also been the main topic of many scientific researches and studies in Canada.

Climate impacts

Greenhouse gas emissions through the whole process of burning the fossil fuels in the oil sands industry is much more significant than for the example with the conventional crude oil industry. And we all know about the contribution of these gases to the greenhouse effect and global warming of our planet.

Water impact

A large amount of water is requested while extracting bitumen from oil sands. This water is used from local freshwater sources such as rivers and new water is used on daily basis. This can be solved easily by recycling but only small part of this used water will be returned in its natural cycle.

Air impact

Various pollutants are released throughout the operations in oil sand companies such as SOx and NOx. This is not only harmful to nature but also pretty harmful to humanity.

Tailing ponds impact

smoke These ponds contain a significant amount of the waste byproduct which is made through the oil sand industry operations. This presents a mixture of silt, sand, hydrocarbons, clay, water, and other toxins. This presents a really toxic product for aquatic life while tailing water enters the water systems.

Land use change and reclamation

Outnumbering wetlands are used while presenting important habitats for many wildlife creatures. After using them in oil sands industry it is very hard to restore them to their natural condition from before.

Canada’s Oil Sand Innovation Alliance is doing the best work to boost the clean technology for improving environment conservation in the oil sands industry.

Blockchain technology merging with the energy industry

Teresa Sears Blockchain, Industry Blockchain, Industry

Truly significant changes are happening to energy industry today and one of the most important ones is blockchain technology which is infiltrating very successfully. It is the same with other industries like healthcare, shipping, banking or real estate. We may say this is a kind of revolution which will be talked about for a long time. And it is only a beginning, big companies in energy industries, especially with oil sands are announcing serious transformation regarding this revolutionary moment. Many stakeholders are in this game seeing serious opportunities for better efficiency, optimization and improvement by blockchain technology. Even smaller companies are in total preparation to revolutionize every each oil project in the world.

Advanced innovations

Really helpful transformations which will really reduce costs in logistics and management are brought with blockchain technology. But the overall process will be much efficient, faster and significantly cost-effective. Some companies even became leaders with help of blockchain technology when talking about critical mass and huge inventories. These are held, organized and transferred in outnumbering ways across the world. This presents a really complex process and if things go wrong just for a little, huge circumstances could be made. Some of those are fall of the production level, losing cargo or very slow productivity. All this together could really lead to disaster.

All energy sources today are reaching a critical mass and this is why it is really necessary to make some transforming moves like using blockchain technology. All these innovations like in maintaining, security, update, data management and labor will be done without any compromising occupation data. Results are magnificent in forms of platforms without any security issues like exploitation or manipulation because every trade is automatically recorded. So there is no need for companies to prove these trades are legal, the only thing that has to be done is all these trades occur on the blockchain.

Blockchain condition for successful implementation

bc1 The concept blockchain requires is based on the non-homogenous infrastructure, more exactly it is made to support various platforms which will be capable to interact between themselves. This revolutionary technology just can’t work in isolation because it is made to connect different participants and create a collaboration of various schemes. This is a typical delivering database structure which works perfectly when used to connect multiple parties which will interact with each other and lead to much trusted and safe register of records. Its structure is made to enable dispersed, explicit and digital transmission of principles and resources.

Future of the blockchain-integrated energy industry

Blockchain technology will enable companies across the energy industry to reduce waste, increase control data transparency together with optimization leading to significant reduce of almost all costs. The even better news is that the quality of the customer service will be much higher, the environmental impact will be significantly improved and picture about progress will be much clearer. This really sounds like a very good plan, especially because much higher profit is announced for all gas and oil companies.

Project Clearwater

Teresa Sears Oil sand, Projects Clearwater, Project

It presents an open source application for providing video, voice and messages to millions of users. It presents a perfect combination of following IMS architectural principles and support of key standardized interfaces. It is totally designed for the Cloud. Also by using specific design patterns, it is achieved to have a combination of significant cost-effectiveness and strong flexibility.

Architecture of Clearwater

Design of the Clearwater was focused on using it in the cloud and virtualized environments. It is not identical to the traditional IMS but it has some similarities. Bono nodes provide both WebRTC and SIP IMS Gm interface to clients by forming a horizontally flexible SIP edge proxy. Bono nodes are anchor points for the connection of the Clearwater and the client. Sprout nodes present a combination of authoritative routing proxy and SIP registrar which handle authentication of the client and ISC interface to the application server. As both nodes are transaction stateful proxies, passing all SIP headers transparently it makes Clearwater supporting the majority of SIP-related RFC. Diameter gateway, HSS cache, Ralf, Vellum, XDMS, Ellis with load balancing make a perfect combination of this application.

clearwater

What does it do?

gateway In basic it is all about SIP based messaging and video and voice control and communication. For example, it can be used in VoIP services. Actually, it does everything an IP Multimedia System should do. This includes something like WebRTC gateway, serving and interrogating CSCF (Call Session Control Function), incorporating Proxy CSCF and other. Fast deployment can be done on Amazon Web Services in just a couple of hours. After making it possible an appropriate on AWS you can use our own private cloud. Clearwater works easily with softphones such as Polycom Soundpoint, Sipdroid and Jitsi.

Clearwater services

It offers video and voice calling service with features such as Call Barring, Call forwarding and Caller ID. If you are into more sophisticated services there are some additional elements needed for Clearwater. For example with the aid of external TAS as Metasphere Multimedia TAS you are able to support Hosted PBX with Clearwater.

Running cost

For some typical user profile of Clearwater is less than 2US cents per subscriber per year. There may appear need of additional costs if you choose to use media Resource Functions in the Cloud.

Reliability and security

Clearwater follows common design patterns which lead to an easier approach to flexible web services. SIP communications here are separated into the untrusted zone (messages between Bono nodes and clients from outside system) and trusted zone (communication between Bono nodes, Sprout nodes and trusted applications). Different ports are used in order to isolate trusted zone by security groups and firewalls while untrusted zones are protected by standard SIP authentication.