BP is a founder member of the Enterprise Ethereum Alliance, a group of enterprises, startups, academics and vendors using Ethereum’s blockchain-based ‘smart contract’ system. Smart contracts are applications that run ‘exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.’
The decentralized Ethereum platform runs on a customized blockchain. Developers can create markets, store registries of debts or promises and move funds ‘without a middle man or counterparty risk.’ Initial development was crowdfunded back in 2014 by the Swiss nonprofit Ethereum Foundation. The newly-announced Enterprise Ethereum Alliance sets out to build ‘enterprise-grade’ software using the technology.
The engineering applications of blockchain was the subject of a recent workshop organized by LR’s Alan Turing Institute. Delegates explored industry sector challenges where blockchain technologies might provide a solution and the pros and cons of blockchain in engineering projects. The practicality of storing large engineering drawings and CAD models was questioned.
This article originally appeared in Oil IT Journal 2017 Issue # 3.
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