In Feb 2018 GuildOne Inc. announced the first execution of an Oil royalty smart contract using the Company’s new Royalty Ledger application for settlement and payment transactions.
Guild 1 ‘s distributed 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.
Distributed ledger and Blockchain technology have the potential to greatly minimize and ultimately eliminate resource and royalty-based disputes.
According to IBM’s Dason Wells, “What’s new here is the shared ledger – prior to this point each participant in a business network had their own ledger. More specifically Blockchain technologies enable faster, permissioned, secure and auditable business to business transactions between participants”
Join Mr. Dason Wells, from IBM’s Natural Resources Solution Centre leading a Blockchain discussion together with Mr. John Dugdale of Terrahub discussing Royalty Ledger utilization of Blockchain to pay Royalty Partners and Mr. Richard Stobbe, of Field Law addressing Smart Contracts and Blockchain in a panel discussion titled “BLOCKCHAIN for Energy- Learnings from Oil and Gas Industry applications”
Wednesday Sept 19th at the Calgary Petroleum Club.
A presentation of The Petroleum Accountants Society of Canada (PASC)
Click here to register and select SKIP Login.
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