Staying ahead of the technology curve means strengthening your competitive advantage. That is why we give you data-driven innovation insights into the oil & gas industry. This time, you get to discover 5 hand-picked blockchain startups.
Global Startup Heat Map highlights 5 Top Blockchain Startups for Oil & Gas out of 112
The insights of this data-driven analysis are derived from the Big Data & Artificial Intelligence-powered StartUs Insights Discovery Platform, covering 1.379.000+ startups & scaleups globally. The platform gives you an exhaustive overview of emerging technologies & relevant startups within a specific field in just a few clicks.
The Global Startup Heat Map below reveals the distribution of the 112 exemplary startups & scaleups we analyzed for this research. Further, it highlights 5 blockchain startups in oil & gas that we hand-picked based on criteria such as founding year, location, funding raised, and more. You get to explore the solutions of these 5 startups & scaleups in this report. For insights on the other 107 blockchain startups for oil & gas, get in touch.
Ondiflo leverages Blockchain to Automate Oil Field Transactions
The complex payment structures for oil field transactions require real-time visibility in order to minimize unnecessary costs. Moreover, intermediaries hinder the speed of data exchange causing inefficiencies. Blockchain solutions provide immutable data exchange to key stakeholders and eliminate intermediaries resulting in improved transaction efficiency and transparency. To this end, startups develop blockchain-based solutions to automate oil field transactions and drive overall profitability.
The US-based startup Ondiflo leverages blockchain to automate oil field transactions. The startup uses sensor data to fully automate the procure-to-pay process for fluid hauling and deliver legally enforceable automation via Blockchain. Ondiflo enables real-time sharing of transaction records, automates reconciliations, reduces disputes, and improves buyer-supplier relationships. Further, the startup improves the visibility of cash flow and profitability for oil and gas suppliers.
DATA GUMBO builds Smart Contract Networks
There is a crucial need for advanced information and communication technology in the midstream oil and gas industry. Lack of transparency hinders implementing decarbonization, decentralization, digitalization, and security solutions. Oil and gas companies transform their operations by using smart contract networks that provide speed, security, and efficiency. To this end, startups and scaleups develop smart contract networks to improve processes that provide transactional certainty.
Norwegian startup DATA GUMBO builds GumboNet, a smart contract network for the oil and gas industry. This network transforms transactions by solving critical trust-based pain points across midstream, upstream, and downstream operations. This directly results in significant cost savings and allows companies to share relevant field data with counterparties if needed. Further, GumboNet enables the upgrade of legacy processes and presents a digital approach that ensures transactional certainty to drive operational performance.
EnHelix Software implements Energy Trading & Risk Management (ETRM)
Informed decision-making is critical in energy trading, especially in oil and gas, as the prices and risk fluctuate frequently. Blockchain technology provides the required visibility for effective and prompt decision-making as the communication of data is visible in real-time for all key stakeholders. Therefore, startups develop blockchain-based solutions that make energy trading more efficient and cost-effective by enabling better risk management.
The US-based startup EnHelix Software offers blockchain technology for ETRM. EnHelix enables oil and gas trading companies to create their very own blockchain network. The startup’s blockchain technologies help O&G companies draft smart contracts with their partners, vendors, banks, and regulators. As a result, this web-based solution allows businesses to reduce paperwork and reconciliation for oil and gas trading.
Dafecs provides Smart Contracts & Asset Tokenization
The most critical asset for any oil and gas company is its oil resources. These oil deposits are represented digitally in the form of tokens to enable easier trading. Smart contracts and asset tokens provide the necessary documents, brokerage, and administrative costs, in a single platform, to increase transparency for all key stakeholders. To minimize the risk for O&G companies, startups develop smart contracts that tokenize assets and enable smoother transaction processing.
Turkish startup Dafecs provides smart contracts and asset tokenization for the oil and gas industry. The startup uses blockchain and the Internet of Things (IoT) to streamline wholesale, retail, and inspection-related processes in upstream, midstream, and downstream operations. Moreover, the company’s blockchain network enables real-time visibility of communication data to key stakeholders and allows for the exchange of documents with increased transparency.
Finboot offers Blockchain-based Track & Trace Solutions
Having multiple levels of stakeholders in the oil and gas supply chain results in intensive documentation processes. This manual process is prone to errors and duplication of work that causes significant costs. Blockchain solutions provide accuracy in documentation, transparency in communication, and security of transactions while being less labor-intensive. As a result, startups and scaleups leverage blockchain technologies to mitigate track and trace complications in the oil and gas industry.
British startup Finboot offers MARCO, a suite of blockchain-based solutions for the oil & gas industry. The startup’s solutions enable oil and gas manufacturers to streamline operations, reduce costs, and enhance development opportunities through sustainable practices. MARCO automates processes by integrating industrial operations with commercial transactions. Further, MARCO enables enterprises to digitally trace their assets and build transparent ecosystems of trust, thus optimizing compliance and facilitating a sustainable and circular economy.
Discover more Oil & Gas startups
The 112 blockchain startups for oil & gas, such as the examples highlighted in this report, focus on smart contracts, asset tokenization, value-chain transparency as well as oil & gas automation solutions. While all of these technologies play a major role in advancing transparency in oil & gas, they only represent the tip of the iceberg. To explore more blockchain technologies, simply get in touch to let us look into your areas of interest. For a more general overview, you can download our free Industry Innovation Reports to save your time and improve strategic decision-making.