EnHelix Marketplace Trading Blockchain is an application for oil and gas, energy and commodity firms to transact business with smart contracts in order to reduce paperwork and reconciliation for post-trade and order operations. EnHelix marketplace provides a portal to connect buyers and sellers and streamlines transaction processing with credit, logistics, and payment settlements with transparency, automation, and distributed ledgers. The system stores data and valuable information in a chain of blocks, making the data visible to all the stakeholders. These chains make it impossible for third parties to access the information. It also increases transparency between the stakeholders, as one data input is made visible to all the connected blocks.
How Enhelix blockchain works
EnHelix is software leader in providing commodity trading and logistics management solution driven by integrated Artificial Intelligence, Blockchain, and AWS cloud to serve commodity businesses of size and kinds. EnHelix blockchain is a private distributed ledger. It records various transactions between the private parties involved permanently and efficiently. The ledger can be programmed in multiple ways to allow automatic transactions. Blockchain carries all these activities without involving trust keepers or intermediaries. By excluding intermediaries in the chain, blockchain increases transparency and connects all stakeholders well. The software platform works on top of the best Enterprise-grade framework Hyperledger Fabric on super scalable AWS services – business solutions and technologies packaged for a faster blockchain production system. Enhelix blockchain solutions for the midstream oil and gas sector comprises of three major systems which include:
What are the benefits of Enhelix Blockchain in the Trading Marketplace?
Some of the major benefits of this technology include:
- Smart contracts – the traditional contractual transaction methods are time-consuming and can limit the growth of the business. With a smart contract, all agreements are automatically signed, validated, and enforced. It does not only get rid of intermediaries but also saves the firm money and time.
- Connect with logistics companies – integrates with EnHelix Logistics application utilized by midstream, cargo, logistics companies for scheduling and nomination operations that provides transparency on products deliveries and curtailment.
- Enhance security and transparency of oil and gas, energy, and commodity transactions – blockchain digitalizes transactions to improve transparency and enhance security.
- Improved trust – private blockchain networks can store and keep a good track record for all transactions.
- Improved data record management – blockchain offers immutable land ownership for oil and gas firms. Some of them represent millions of investments, and thus, they must be kept safely. The conventional methods of keeping such records are not only tiresome but also prone to many illicit behaviors such as forgery.
Finally, Enhelix Blockchain plays a huge role in the oil and gas trading marketplace. The main benefits of this technology include immutability, provenance, security, and reliability. If you have not yet adopted it in your business, this is the right time to explore EnHelix oil and gas, energy, and commodity blockchain. You will experience secure smart contracts, logistics, payments, and other benefits in your business.