The platform underwent trial from a domestic distributor providing service to more than 2 million residents.
The platform, named Gasnet, was approved by the regulator for expansion across the length and breadth of the country.
Earlier, only Gasnor utilized the network to serve its 2 million plus clients.
The platform makes use of the blockchain developed by RSK. The benefits recorded during trial period by Enargas were the prime reason for the regulator to endorse the expansion of service.
“It is easier to control for the regulator authority and more effective the way that gas distributors share their key processes with the regulator.”
At the time of writing this article, there is no indication of other distributors joining the network.
Nevertheless, IOV Labs, the company backing RSK, expects several distributors to take part in the project soon.
Gasnet intends to administer service providers and conduct dealings when fresh deployment or reactivation certificates are recorded, and enhance regulatory overview.
To attain that, the network used RSK smart ocntracts and its RIF second-layer solution. It was unveiled in partnership with Argentina based software development firm Grupo Sabra.
RSK and Grupo Sabra began building the network for Gasnor last year. At present, Enargas endorsed the expansion of a nationwide framework to all distributors agreeing to implement it.
The nodes of the Gasnet network are run by regulator and Gasnor.
Gasnor chief information officer, Carlos Amín, explained the benefits offered by blockchain technology:
“The implementation of the blockchain solution […] will enable [us] to streamline our processes, reduce costs, improve time to market, and most importantly provide a much better user experience.”
Bockchain is turning out to be increasingly beneficial to the fossil fuel sector as the technology has the capability to assist administration of cumbersome ecosystems and logistics.
Notably, oil companies have already started using blockchain to transform the industry cleaner, safer and highly efficient.
Saudi Arabia’s state oil enterprise, Saudi Aramco, bought a stake by investing $5 million in Vakt, a blockchain powered platform facilitating oil trade.