• Energy consortium, Blockchain for Energy (B4E) is now into full-blown logistics.
• As a top blockchain for supply chain management, VeChain appears to be the right candidate for future integration by B4E.

Oil and gas consortium Blockchain for Energy (B4E) has announced the launch of its logistics solution dubbed the Commodity Transport Web3 Field Automation solution. The newly launched solution operates an automated transport system that mitigates the process of manual validation, slow communication and discrepancies. The consortium’s blockchain is leveraged for deliveries and the data is immediately made available for viewing.

Due to its flexibility, the logistics solution supports various types of commodities and requirements in different regions. According to Mike Green, B4E Board Member and Digital Transformation Lead for Chesapeake Energy, the Commodity Transport Web3 Field Automation solution will revolutionize the way operators and vendors manage commodity transportation. He added:

The solution will leverage blockchain smart contracts to validate sensor, GPS, and other IoT data, to digitize and automate previously manual processes. Both operators and vendors will realize improved efficiency, accuracy, transparency, and reduced costs.

It does not come as a surprise that the energy sector has embraced blockchain technology to improve its processes. In Europe, oil enterprise blockchain VAKT is in partnership with banks, oil firms (including B4E members Saudi Aramco and Chevron), and major commodity traders to help digitize the industry.

Exploring VeChain Blockchain Solution 

Many of these entities leverage VeChain’s protocol, especially in the areas of sustainability, logistics, and supply chain. The VeChainThor blockchain is recognized globally as a powerful solution, which is tailored to tackle the intricate demands of supply chain management. Different sectors including Fortune 500 companies have all integrated the blockchain facilitating over 140 million real-world transactions.

Noteworthy, the VeChainThor utilizes s Proof-of-Authorithy (PoA) consensus mechanism that delivers a swift and dependable transaction validation process. Most times, the PoA is designed to suit the use cases of the enterprise in question, offering efficiency, scalability, and security. With the protocol, it is easier for businesses to trace the movement of their products while also maintaining quality and authenticity. 

Last month, VeChain secured an innovative patent, showcasing a fusion of Internet of Things (IoT) devices and blockchain technology tailored for precise and secure recording of transportation data. This development is a major milestone, especially for refrigerated transportation. The precise temperature of goods can be effectively monitored to ensure that they maintain their integrity and safety.

In the meantime, Blockchain for Energy has not announced it plans to utilize the VeChain blockchain technology, however, it is an innovation worth considering.

Apart from the launch of this innovative solution, B4E has other ongoing projects including ESG, a Digital Measurement Reporting Verification (dMRV) Solution that uses blockchain, AI, and IoT. This dMRV is scheduled to be launched later this year. The other B4E projects are digital identity, seismic entitlements, and joint venture management amongst others.

Markedly, the B4E consortium has 13 members including Saudi Aramco and EQT, Chevron, ConocoPhillips, ExxonMobil, and Repsol.

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