EnHelix Oil and Gas Blockchain Settlement is a fintech application to process, track and help settle financial payments and fees though financial agencies and intermediaries. For successful oil and gas financial and settlement operations, proper coordination is an absolute necessity and blockchain distributed ledger and smart contracts can streamline all operations and provide transparency to customers and operators.
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 nominations 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:
- EnHelix Marketplace Blockchain system: Here, energy and commodity firms can conduct business transactions using smart contracts in order to reduce paperwork and reconciliation for post-trade and order operations.
- EnHelix Logistics Blockchain system: This was created for midstream, cargo brokers, and logistics companies to streamline their scheduling, nomination, and billing operations with improved speed and transparency using distributed ledgers.
- EnHelix Settlement Blockchain: This is a fin-tech system for all oil and gas, energy, commodity businesses to process, audit, and track all payments and fees.
What are the benefits of Enhelix Blockchain in the Settlement Marketplace?
Some of the major benefits of this technology include:
- Financial Reconciliation: Most of oil and gas, energy and commodity business are complex. This complexity often brings together different companies to work on one project. Deciding the role of each company, or even allocating the resources becomes a challenge. Verifying and reconciliation labor hours is also time-consuming. With the help of the EnHelix blockchain distributed ledger technology, oil and gas companies can record and process data in near real-time. The nature of the ledgers cannot be deleted, changed, or forged.
- Security: Most activities carried out in the oil and gas sector involved many parties and often subjected to fraud and security risks. EnHelix blockchain provides the all necessary peer-to-peer smart contracts to ensure settlement process are transparent, timely and accurate.
- Reduction of Errors: Unlike the conventional methods of data input and storage, blockchain technology is not prone to mistakes. It automates data collection, which in the long run, reduces the costs associated with making typing errors. When the errors are minimized, it becomes easy to manage both the companies and the workers’ details.
Finally, Enhelix plays a huge role in the settlement marketplace. 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.