On Feb. 14, 2018 – GuildOne Inc. announced the first execution of a royalty smart contract using the Company’s new Royalty Ledger application on R3’s Corda blockchain platform at the Blockchain, IoT and Machine Learning in Oil and Gas Conference in Calgary.
“Utilizing blockchain technology, Royalty Ledger successfully executed an oil royalty contract settlement and payment transaction. As a Proof of Concept, Royalty Ledger is the first implementation of a smart contract in the oil and gas royalty sector and was delivered together with NAL Resources Management Limited, PrairieSky Royalty Ltd. and ATB Financial.”
In the announcement, James Graham, President and CEO of Guild 1 commented:
“Distributed ledger and Blockchain technology have the potential to greatly minimize and ultimately eliminate resource and royalty-based disputes.The democratization of these tools to all the stakeholders and communities can increase fair and equitable production of resources while initiating a more efficient operation model,”
New developments in Smart Contracts have been addressed by Richard Stobbe, Lawyer, CLP at Field Law, in his recent article published in Mondaq.com,
“The term “smart contract” does not have any special meaning in the legal sense – what we’re really talking about are transactions or workflows that are implemented with software…. This can be extrapolated with more complex software, more varied inputs and outputs, and the addition of blockchain technology, leading to a broad range of possible applications. Are “smart contracts” enforceable? To get the answer to this question, we can look back at traditional contract law principles. The law in Canada has adapted to allow for electronic contracting, and case-law has adapted to new technological issues over time.”
Join James Graham and Richard Stobbe along with Dason Wells, from IBM’s Natural Resources Solution Centre in a panel discussion titled “BLOCKCHAIN for Energy- Learnings from Oil and Gas Industry applications”
Thursday June 21st at the Calgary Petroleum Club.
Tickets $45.00 (+GST) and $55.00 (+GST)
A presentation of The Petroleum Joint Venture Association
Click here to register and select SKIP Login.
Sponsored by:IBM