Quisitive Unveils Blockchain Proof of Concept for Oil and Gas Industry

Blockchain Oil Pipeline Solution Improves Producer and Midstream
Operator Transparency, Visibility and Profitability

DALLAS & TORONTO–(BUSINESS WIRE)–Quisitive,
a subsidiary of Toronto-based Fusion
Agiletech Partners and a national digital technology consulting firm
with offices in Dallas, Denver and Toronto, today announced its
Blockchain Oil Pipeline solution to decrease the redundancy in oil
pipeline data capture and increase profits for both oil producers and
midstream pipeline operators. The Proof of Concept (POC) was presented
to Oil and Gas industry executives at the invitation-only ÔÇ£Data Driven
Decisions in Oil and GasÔÇØ strategy briefing hosted at the Microsoft
Technology Center in Houston on May 21.

Based on Microsoft Azure Blockchain Workbench and IOT technology,
Quisitive developed the demonstration proof-of-concept with the
assistance of industry subject matter experts to illustrate one instance
where blockchain technology can rapidly and cost effectively deliver
value to the oil and gas industry.

QuisitiveÔÇÖs POC tackles the redundancy in pipeline monitoring and data
collection equipment required to ensure oil products maintain purity
standards at the time of custody transfer and maintains safe levels of
operation as it passes from the oil producerÔÇÖs drill site through the
pipeline to delivery. Currently, manual processes and lack of
transparency compel some producers and midstream operators to install
their own equipment at points along the pipeline so they can compare the
data collected to hold one another accountable.

ÔÇ£The Quisitive Blockchain Oil Pipeline solution is a compelling example
of how blockchain can be applied to real-world data storage problems,ÔÇØ
said Scotty Perkins, SVP of Product Innovation at Quisitive.
ÔÇ£Blockchain-based processes make data trustworthy, accessible and
tamper-evident. Moreover, for heavily monitored or regulated processes,
it makes operating data much easier to audit and reconcile, saving
operators and producers substantial costs.ÔÇØ

With the Quisitive Blockchain Oil Pipeline solution, both the midstream
operator and the producer can safely operate a single series of
measurement devices and independently verify the data in real time,
eliminating expensive settlements and reconciliation of measurement
disputes. For example, if the device detects a safety condition along
the pipeline, that fact is instantly recorded and cryptographically
signed making the evidence tamper-proof. This eliminates the expense of
duplicate equipment as well as the need for the producer to have staff
to generate and reconcile independent reports to prove the pipeline
operator is performing to the contract.

ÔÇ£Quisitive is heavily invested in blockchain innovation in multiple
industries,ÔÇØ said Mike Reinhart, Quisitive Founder & CEO and Fusion
Agiletech CEO. ÔÇ£Our mission is to continue to help our clients identify
and prioritize blockchain opportunities, develop them into POCs, and
realize business value through solution development using our
proprietary Common Sense Blockchain process.ÔÇØ

Quisitive will continue to demonstrate its Oil and Gas POC at Microsoft
Technology Center events in Dallas, Denver and Toronto over the coming
months. The company will also present on the promise of blockchain at
Azure Techcon, hosted at the Microsoft Technology Center in Dallas on
June 1.

Founded in January 2016, Quisitive puts a heavy emphasis on blockchain
and the Microsoft Azure cloud platform and is working on POCs in key
vertical markets, including the financial services, oil and gas and
manufacturing industries. Blockchain allows for genuinely novel
solutions to some of the most difficult business problems, notably ones
where organizations need full visibility into the data required to make
rapid and highly-consequential decisions. Moreover, companies operating
in highly regulated industries benefit from the dramatic cost reductions
realized from implementing a shared data environment based on blockchain
that is secure, distributed and tamper-evident.

To explore blockchain for your organization, please contact Scotty
Perkins, QuisitiveÔÇÖs SVP of Product Innovation at scotty.perkins@quisitive.com.

About Quisitive

Quisitive
is a full-service digital technology consulting firm, developing
solutions that empower organizations to digitally transform their
business. Founded by Mike Reinhart, Quisitive serves clients globally
with offices in Dallas, TX, Denver, CO, and Toronto, Canada. For more
information, visit http://www.Quisitive.com
and follow @BeQuisitive, @TheQBlockchain.

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Activate PR + Marketing
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