Over the last, what is it now… 35-years in the energy and commodity industry, I have rarely seen participants in the industry work together for their common good. On initiative that I was very familiar with and involved in was POSC (Petrotechnical Open Software Corporation), an industry-funded initiative to develop standard data models in E&P. It went on a long time, cost a lot of money and produced a data model that people played lip service to mostly so far as I could tell. I wasn’t involved in GISB (Gas Industry Standards Board) but my understanding is that this effort likewise produced industry standard pipeline data models that everyone adopted along with their specific and proprietary add-ons! From where I sit, industry initiatives have been few and far between and mostly ended with a whimper. So, I must say that Vakt and Komgo, amongst other industry initiatives, have my attention. Of course, I talk about blockchain initiatives in the commodities arena that appear to be making progress – Vakt went live late last year and Komgo this month and appear to be making progress. Other blockchain initiatives driven by industry consortia appear to be also moving inexorably in that direction. Meanwhile, Enerchain, another… continue reading
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