Energy/gas & oil companies today contend with a host of inefficiencies, including low levels of trust among counterparties, low traceability of assets, outdated, manual documentation practices and painstaking contract disputes. Adopting DLT/blockchain technology in the energy industry can reinvent energy trading, upgrade back office systems, digitize assets and enable peer-to-peer interactions while increasing efficiencies.
Digitize trading in the commodities space (i.e. Gold)
Track renewable energy certificates (RECs) and carbon credits
Verify identities to remain compliant with safety training and permits
Provide a single immutable record of ownership and mineral rights
We chose Corda because of four reasons — #1 Java-based — executing on the JVM, #2 permissioned ledger is key to us as don’t want to move data everywhere, #3 the ecosystem– we have been introduced to some very cool opportunities, including AWS and #4 R3 itself. It’s been a real collaboration. I’ve worked for and with Sun, Oracle, Apple, and IBM, and never been as supported or feel as home as we do with R3.
In the gold industry, Tradewind selected to build a private blockchain application using R3’s Corda platform on Amazon Web Services (AWS), due to Corda’s ability to isolate data, offer privacy, and provide a developer-friendly technology.
To build its royalty ledger and to meet the stringent privacy and security needs of its stakeholders, GuildOne chose to execute a proof of concept (PoC) using R3’s Corda platform on Amazon Web Services (AWS).