Blockchain for Energy (B4E), is the energy industry's first comprehensive emissions management solution, leveraging blockchain, artificial intelligence, and IoT systems.
Camilo Mejia, Enovate and Rebecca Hofmann, Blockchain for Energy, joins The Crude Life to discuss how Blockchain for Energy is integrating into the industrial sector through a variety of ways.
“Blockchain for energy is actually a member-led consortium made up of energy companies that leaned in and said ‘let's come and find a way to learn more about this technology and how we can use it for our companies,’” Hoffman said. “So the actual mission of blockchain for energy is to drive industry innovation beyond traditional technological boundaries.”
Blockchain technology can be used to create more efficient energy grids, reduce waste, and promote renewable energy sources. Blockchain for Energy is using blockchain to manage resources better and push for greener energy solutions.
“We're achieving success through synergizing our efforts and our expertise to create a trust network, that word's important, trust network, where collaboration is now a catalyst for value creation. So we're talking about how can we redefine operational efficiency, foster growth using automation, robust standards, cutting edge technology for faster adoption.”
One of the main reasons Blockchain for Energy is getting the attention of some of the major energy companies is artificial intelligence (AI).
“So I think AI is everywhere today, but for us, AI is just the capacity to do things better, faster, to be more efficient, and to streamline processes,” Meijia said. “That's really what we bring to the table when it comes down to B4E Carbon and the collaboration with B4E.”
Transparency and trust are often ushered in with a blockchain technology, due to the decentralized ledger that ensures that all transactions are secure, transparent, and tamper-proof. This transparency helps build trust among donors, volunteers, and stakeholders, ensuring that funds and resources are used effectively and honestly.
“Now, as you go into the process, you have more automated ways of doing things, the reporting piece, which is a big focus for us,” Meijia said. “Then you're saving time. You're having people focus on really what matters.”
Streamlining operations is another theme from the podcast interview. For example,.something as basic or under the radar as Blockchain for Energy simplifying administrative processes by automating workflows and reducing the need for intermediaries. This allows companies to focus more on their mission and less on bureaucratic tasks.
“We built a background around the traditional core segments for oil and gas production, drilling, completions production, then went into the transfer of knowledge from oil and gas to the low-carbon market,” Meijia said. “In that journey, we had the privilege to work with B4E and to collaborate with Rebecca (Hoffman) across the board.”
Hoffman believes The Blockchain for Energy (B4E) consortium provides its members with forward thinking learnings and solutions.
‘It collaboratively drives digital transformation by providing members with opportunities to accelerate their digitalization journey,” Hoffman said. “Through collective synergies, B4E seeks to resolve, reinvent, and transform the industry’s standard ways of working with external parties.”
Meijia sees security and fraud prevention as another main component of Blockchain for Energy. In addition to helping eliminate fraud by providing an immutable record of transactions, which is crucial for maintaining donor trust and ensuring the proper use of funds, it works ahead to prevent future fraud too.
“I think there is a big challenge in the industry today, which is really about how we can have a solid framework,” Meijia said. “Where we can actually validate our environmental claims. We see regulations being stronger in terms of the disclosure. We see operators or customers really trying to figure it out.”
Meijia added that he sees a significant value today in terms of the governance of that data and the security of those claims, “because it's not like the industry is doing right or wrong”.
“It's like the industry is trying to figure it out. And I think that's probably the biggest application today, the security, the framework, the collaboration,” Meijia said. “From that point onwards, once you start bringing IoT, AI, then you can start building so much.”
Hoffman added some of the transparency and cost-saving elements in logistics as well.
“There's tracking and tracing of a valve, for example, from the manufacturer all the way through payment,” Hoffman said. “All of these things Blockchain for Energy is working on so many others where Providence and knowing that you owned it at some point in time and when did that ownership crossover.”
Hoffman said this is not only supply chain logistics but also seismic.
“I mean, think about seismic has a 60 year life that you have to track and trace that is data. And that data is an asset,” Hoffman said. “It could be sold. leased, bought, mergers happen, that data has to be transferred.”
She added that this past November they released a report on logistics that summed up how everything is working together.
“The report said what happened in the field, you know what really happened in the field and both parties agree that that's what happened,” Hoffman said. “And now it's trusted, it's immutable on a blockchain, pay.”
Blockchain for Energy has been a safe venue to create transformational change, specifically for the energy industry, by the energy industry. Current B4E members and collaborators include Chesapeake Energy, Chevron, ConocoPhillips, Devon Energy, ExxonMobil, Repsol, Saudi Aramco, Schlumberger, Enovate AI, Emerson ZEDI, Hedera, GBBC/IWA and Tolam Earth.
Blockchain For Energy is currently “revolutionizing the energy sector”, offering decentralized and transparent solutions that transform the way energy is created and consumed.
For more information on Blockchain for Energy, please visit their website by clicking here.
Blockchain’s Strategic Partners
Blockchain is the ultimate team sport. No success can be created or experienced unless you collaborate with the other participants in your industry.
We are honored to have an established roster of affiliates with whom we share a vision for the future of the Energy industry, supported by blockchain technologies.
We value the expertise they bring to our solutions, and we are grateful for the time and energy they have invested in designing, problem solving, and iterating with us.
In our increasingly connected and inter-dependent business environment, we believe this deep collaboration and mutual support is a source of competitive advantage for our members and we look forward to further expanding our relationships and collective impact.
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Blockchain For Energy (B4E)
The Blockchain for Energy (B4E) consortium provides its members with forward thinking learnings and solutions. It collaboratively drives digital transformation by providing members with opportunities to accelerate their digitalization journey.
Through collective synergies, B4E seeks to resolve, reinvent, and transform the industry’s standard ways of working with external parties.
Blockchain for Energy is a safe venue to create transformational change – for the energy industry – by the energy industry. Current B4E members and collaborators include Chesapeake Energy, Chevron, ConocoPhillips, Devon Energy, ExxonMobil, Repsol, Saudi Aramco, Schlumberger, Enovate AI, Emerson ZEDI, Hedera, GBBC/IWA and Tolam Earth.
Blockchain For Energy Streamlining Technology, Transparency and Trust