Fennex Smart Contract Solution
The journey of a drop of oil across Upstream, Midstream, and Downstream resources is complex and requires undergoing several legal agreements at various stages. The process is largely manual with excessive human intervention at each stage- from written contract to data entry to dispute resolution. The answer to many of these problems lies in blockchain technology and its aide, smartcontracts.
Smart contracts solution at Fennex, in the current stage, is developed for processes around Upstream companies.
The upstream oil & gas companies involve the maximum number of stakeholders as compared to midstream and downstream companies. Data transmission & restoration is the oil on which runs the success of stakeholders’ relationship. The backbone of upstream companies is “Performance-based Contracts” and “Reconciliation Optimization”; both depend upon the quality of input data. The existing process to attest these contracts are too time-consuming and lead to opportunity loss in many forms. The smart contract solution by Fennex make this process seamless and optimized by allowing staking based work completion submission. Automated attestation also means reconciliation optimization wherein every party in the contract gets paid in a few days.