Ondiflo is a blockchain platform that aims to automate ticketing-based services for the global oil and gas industry. Find out how it works today in our review.
What is Ondiflo?
Ondiflo, found online at Ondiflo.com, describes itself as an “end-to-end B2B blockchain technology solution [that] automates and improves management and delivery of the order-to-cash ticket-based services to the oil & gas industry.”
The goal of the platform is to increase cost savings and efficiency in the global O&G industry, creating a trusted and verifiable tradeable instrument for supplier financing. That means vendors are paid soon after delivering products and services, leading to even more cost savings and benefits.
Ondiflo was first announced in 2017. The first product offered on the platform will consist of wireless IoT sensors that track fluid management at remote, unmanned oil sites. Ondiflo will complete the transaction process based on data collected by these sensors.
The ultimate goal of Ondiflo is to reduce errors in the O&G transaction process while making the industry more efficient overall.
How Does Ondiflo Work?
Ondiflo is a B2B platform for oil and gas ticketing-based services. It provides end-to-end automation of the order-to-cash process between service providers and producers, refiners, transporters, and distributors.
Overall, Ondiflo acts as a peer-to-peer protocol between trading partners in the oil and gas industry. those trading partners could include service providers and producers.
All key data involved in this transaction is recorded on the Ondiflo blockchain. Meanwhile, all steps of the order-to-cash process are automated via smart contracts.
The platform relies on various technology solutions to work, including:
- IoT sensors that generate data automatically, triggering service calls while reliably capturing service transactions
- Permission-based blockchain that shares transactional documents among all parties involved in the transaction
- Smart contracts that automate the order fulfilment process, including invoicing and payments
Payment and supply chain financing for vendors are implemented into the Ondiflo solution. The platform also uses SCADA and pattern recognition to boost efficiency industry-wide.
Ondiflo will target both upstream and downstream companies. Ondiflo aims to make the water treatment process more efficient for upstream producers, for example, while boosting oil refining efficiency for downstream producers.
The first Ondiflo project will focus on water management at remote, unmanned oil sites. Ondiflo will create IoT sensors and place them inside the water tanks. The sensors will wirelessly connect to a distributed cloud platform. Ondiflo will complete the order-to-cash request process from creating the service request, field ticket, and the invoice.
Who’s Behind Ondiflo?
Ondiflo is a joint venture between Consensys and Amalto. Amalto is a leader in B2B integration in the oil and gas industry, while Consensys is a major blockchain technology application developer.
Key members of the team include Jean-Pierre Foehn (CEO), president and founder of Amalto. Foehn is based in Houston, Texas. There’s also Rana Basu (COO) and Sandro Giannetti (CFO).
Ondiflo is headquartered in Houston, Texas. Amalto introduced Ondiflo in February 2017, although the company issued a new flurry of press releases in late January 2018.
Benefits of Ondiflo
Ondiflo aims to provide benefits like:
- Better scheduling and dispatching of services
- Accurate discharge volume computing
- Fewer disputes between companies
- More accurate invoicing
- Minimal revenue leakage
- Reduced invoice coding errors
Overall, the Ondiflo system can handle equipment monitoring, system integration, transaction monitoring, and more.
Ondiflo is a blockchain-based solution that seeks to integrate technologies and services to automate the order-to-cash process across the oil and gas industry, helping suppliers get paid in a more transparent and reliable way. The platform is being developed by Amalto, a Houston-based O&G industry B2B solutions integration company, in partnership with Consensys, the blockchain application developer.
To learn more about Ondiflo and how it works, visit online today at Ondiflo.com.