SmartChain provides smart contract and distributed ledger technology specifically designed for the oil and gas industry, enabling automated contract workflows that tie payments to performance metrics. This approach reduces processing time and costs while minimizing disputes and errors, ensuring all stakeholders' objectives are aligned.
Funding
$1.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Traditional oil and gas contracts often fail to align the objectives of all stakeholders, leading to suboptimal performance and disputes. Generic contract terms can disincentivize contractors, while manual processing and approvals result in delays, errors, and increased costs.
Solution
SmartChain provides a smart contract and distributed ledger technology platform tailored for the oil and gas industry. The platform enables the creation of automated contract workflows that directly tie payments to precise performance metrics, incentivizing desired outcomes. By visualizing contract performance in real time and providing a full audit trail, SmartChain facilitates transparency and real-time dispute resolution. The solution aims to reduce processing time and costs, minimize errors, and ensure that all stakeholders' objectives are aligned, fostering "win-win" contract models.
Target Audience
The primary target audience includes oil and gas companies, contractors, and other stakeholders involved in complex contractual agreements within the energy sector.
Features
- Custom smart contract development for specific oil and gas industry needs
- Automated contract workflows triggered by performance metrics
- Real-time visualization of contract performance data
- Secure and transparent audit trail for all contract activities
- Seamless integration with existing business systems
- Distributed ledger technology for enhanced security and immutability