Express

Oil & Gas Blockchain Consortium Successfully Tests Expense Approval Project

Janelle Fox

Summary: The OOC Oil & Gas Blockchain Consortium and GuildOne, the Canadian software firm, have successfully tested the first Authorization for Expenditure (AFE) balloting blockchain. AFE focuses on cost and expense approval specifically when it comes to the upstream oil and gas process where large expenditure is required for exploration, development, and production. Converting the balloting ...

The OOC Oil & Gas Blockchain Consortium and GuildOne, the Canadian software firm, have successfully tested the first Authorization for Expenditure (AFE) balloting blockchain.

AFE focuses on cost and expense approval specifically when it comes to the upstream oil and gas process where large expenditure is required for exploration, development, and production. Converting the balloting process to blockchain would simplify and reduce the manually exhaustive and largely paper-driven process of authorizing capital and expense projects and will provide immutable documentation of the final interests.

By Janelle Fox

Last Update:

Tags: ,,,,
Link: Oil & Gas Blockchain Consortium Successfully Tests Expense Approval Project   [Copy]
Next:

Related Articles

  • Nasdaq Takes Aim at 'Crypto-Flipping' Companies with Stricter Rules 9 hours ago
  • BTC Weekly Outlook: The Oversold Bounce—A Bottom or a Shorting Opportunity? 3 days ago
  • The Making of a Political Darling: Is Chainlink’s Government Deal a Victory for Tech or... 7 days ago
  • Google Steps Into Blockchain: A New Front in the “Ledger Wars” 9 days ago
  • Bitcoin Weekly Analysis: Is a Bear Market on the Horizon? 11 days ago

    • You need to login to comment.