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Frequently
Asked
Questions

As with any new technology, you might be feeling the need to brush up on your Blockchain knowledge. To help, the Blockchain For Energy team has created this Frequently Asked Questions page about our work. It has been created to act as an introduction to us, our work and the impact we expect to have on the energy sector.

The following is only intended to be a brief introduction to our work. We are conscious that you may have more detailed questions of your own. In this case, please do contact us. We welcome engagement with interested stakeholders of all kinds.

About Blockchain For Energy

Blockchain For Energy is a collaborative, non-profit organization made up of industry experts from major energy companies. We learn, lead and leverage blockchain technologies within the industry by uniting the right parties and working collectively to agree on new digital ways of working. Our goal is to develop and deploy innovative, value-added solutions, modernizing the way we do business. By doing so, we optimize costs, increase efficiencies, and promote industry growth. Blockchain For Energy is a safe venue to create transformational change – for the energy industry – by the energy industry.

Who makes up the Blockchain For Energy Consortium?

  • We are a member organization made up of industry experts
  • We are a diverse group of people who encourage inclusion and industry co-operation
  • We are a group of people driven to create change and reimagine how things are done in the energy industry
  • Our members want to be part of the change– they see value in industry growth by accomplishing work together
  • We have women in leadership roles. Female leadership is imperative to the long-term energy business and transition. We promote and encourage new involvement from women in the digital space, creating a cultural shift in oil and gas.

Why was the (B4E) consortium created & why should the audience care/join?

The energy industry needs a new independent entity to govern to spark change and growth—that’s why industry experts created B4E

  • We see a need for neutral, independent, and non-denominational platforms
  • We saw a need for an entity that provided a safe place where members could have a say
  • As business network operators, we should influence how this works rather than allowing the industry vendors to direct.
  • We transform the Energy Industry through seamless business interactions powered by blockchain

What are the goals/objectives of Blockchain For Energy?

  • At B4E, we learn, lead and leverage blockchain technologies within the industry to improve operational efficiencies through automation, standardized ways of working, and increased seamless collaboration.

LEARN:

  • We help others learn about blockchain through project participation and educating others on the benefits of employing blockchain technologies.
  • We help others learn through Sandboxes and Learning Centers
  • We foster communication with appropriate stakeholders

LEAD:

  • We lead the industry by agreeing on Blockchain Governance
  • We facilitate the development of common industry practices, providing a forum and a process for discussion, guidance, and feedback with operators, suppliers, regulators, and researchers (academia) regarding blockchain within the energy industry.
  • We are an industry business network operator

LEVERAGE:

  • We create value-adding digital industry solutions
  • Value & usage from projects
  • Neutral, Independent, non-profit

We are future-proofing the energy business, and you should think about it too.

  • Quick returns low margins are the current industry focus.
  • B4E is a facilitator for industry solutions.
  • B4E is thinking, planning, and acting for the long term. We do this without distracting companies from their immediate goals.
  • We provide solutions to current issues while also preparing for what comes next.
  • Through research and testing, we are ensuring a digital future
  • We utilize blockchain technology for future-proofing the industry.
  • Oil and Gas is the focus in the energy industry, B4E is part of the transition to broader energy and members are utilizing solutions.

Does your technology/solution reduce costs for B4E members? Does your technology/solution reduce cost for the industry overall? How so?

  • Direct costs and indirect costs are realized.
  • We reduce costs through transforming processes within and outside your span of control by including all business parties. We find the commonalities and benefits for each party by offering one source of truth and gaining agreement upfront so it can be digitalized.
  • Blockchain application increases cost savings as more and more companies join the blockchain network.

Why use blockchain technologies in the industry? What potential benefits do you see?

  • There are real-world, real time applications for blockchain.
  • Perfect avenue for our journey of moving towards low carbon sustainable.
  • Blockchain can be used as an industry solution framework.
  • We can leverage blockchain technology to maximize opportunities to reduce costs, improve timelines, and eliminate disputes in any given process.

How can blockchain technologies move the energy industry forward in the ESG space?

  • B4E has identified several areas of ESG that blockchain technologies can add value.
  • B4E will gain agreement on which area member companies will focus on.
  • B4E is committed to the ESG journey by offering a safe venue to bring the right people and technologies together; moving the industry forward in a good way.

How does membership bring value to the entire industry? What are member benefits?

  • Participants have created neutral entity molds that work well for tech and oversight.
  • Members have a say in what change is created while reaping rewards, without any heavy lifting.
  • We are using blockchain technology to create platforms and tools to help the energy industry with Environmental, Social, and Corporate Governance (ESG).)
  • The B4E consortium is identifying and developing solution-based projects to prove the technologies and could work in the future.
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