Libr@Blockchain: Oil and Gas Blockchain Network (OGBN)
In order to provide a comprehensive understanding of Blockchain technology, the video below illustrates its fundamental concepts.
In this sense, as a result of Libra’s Consortium RD&I project, OGBN – Oil and Gas Blockchain Network – provides a distributed infrastructure to support Oil and Gas industry applications. As a permissioned blockchain based on the Hyperledger Fabric framework, each application will present one or more communication channels. These private channels are composed of a subgroup of the network participants. They allow secure communication between nodes and the applications, which will store and query information from the network.
Blockchain technology enables many opportunities which will not need a third party to intermediate relationships. This disruptive model will provide a new market and economy exploration based on the distributed, transparent, and secure architecture. Moreover, as the transactions in a private network are executed immediately, blockchain solutions are capable of reducing time in many situations, improving the system’s availability and security. This technology can reduce bureaucracy and, hence, costs, as all network participants are able to verify the business rules written in smart contracts and the data stored on their own ledgers. This is also an improvement for auditing activities, where the data are not centralized in one company; all network members are able to access data independently. Furthermore, as all changes in the rules must be accepted by all network members, no unauthorized change can be made.
Currently, Petrobras, TotalEnergies, and Shell are OBGN members. Such a network is in the PoC phase, in which tests will be executed by performing a success criteria checklist provided by the university.
BallotBR is a solution based on a decentralized environment empowered by OGBN, that offers decision traceability, once every relevant action in the system is recorded on the blockchain network. For instance, a vote on a ballot, sending a notice, changing the ballot status or due date are critical actions that are persisted in the network, enforced by a smart contract, which defines the ballot and notices rules. These rules were based on the Contract Sharing Agreement, and any contract update requires the acceptance of the network members. One company cannot change the smart contract unilaterally, all members have to accept it. Once the data are available for those that participate in the network, the partners are able to perform data analysis automatically, because there is a copy of data on its infrastructure. Last but not least, the data persisted on the blockchain network are structured, which enables knowledge extraction based on these data.
Besides, when commercialized, BallotBR has the potential to support more than 240 consortia in Brazil, or more than 3500 consortia worldwide.
The video below presents BallotBR’s overview, narrated by Cristiane Lodi from Petrobras.