QBT team presented already developed Iot&blockchain solution for oil and gas industry at World economic forum

OBT took part in the World economic forum in Davos with the case of blockchain solution for the oil and gas industry.

The project of the already developed IoT&blockchain solution was presented by the MVP stand. With the help of it, you can see how chain’s participants, the supplier and the customer, interact. The offer of the supplier and the terms of the contract are published in the blockchain, as well as the requests from the client. The parties enter into an automatic contract using the smart contract technology, which includes all the parameters of the transaction — delivery time, price, quantity of the product etc. The fulfillment of conditions are guaranteed by a smart contract.

MVP automates the following functionality using blockchain technology and smart contracts: matching bids and offers, making electronic contracts, fixating telemetry, fixating the calculating the price, sending payments in tokens upon the consumed volume of the product and other functions.

In this MVP two blockchain platforms are used: Corda and Masterchain in order to test both platforms and choose the best one.

QIWI Blockchain Technologies team was represented by Andrey Lukashenkov, Tatyana Bilyk and Andrey Ivanov.