Developed in partnership with Data Gumbo Corporation, the service will be implemented fleet-wide on the company's drilling rigs, to create 'the industry's first Blockchain Ready Rig fleet'.

The Blockchain Drilling service provides an immutable platform for the optimization of well construction activities, including drilling related services, materiel and the supply chain, both shore-based and offshore. Users can access and analyze performance from any web accessible device for near real-time TCO management.

The cloud-based platform is scalable and the baseline system consists of five modules to drive efficiencies: supply chain, well planner, spend monitor, dynamic critical path, and performance tracker.

Configurable modules can be adapted on the Blockchain Drilling platform for individual well or multi-well campaigns based on customer needs.

Tracking, planning, and optimizing the well(s) through each phase provides the ability to reduce spend, eliminate waste, improve processes, and better align all parties needed to deliver a well successfully.

More and more innovative uses of blockchain technology are showing up after the “cryptocurrency boom”. Not only banks and governments are assessing how to use the blockchain technologies but also sectors such as logistics, healthcare or media.

Global leaders across the maritime and logistics industry have already started to explore blockchain technology for a wide range of services. South Korean HMM has piloted a blockchain platform for booking reefer containers, while China-based giant Alibaba has teamed up with four other firms to build a blockchain system for tracking food shipments.

Blockchain is also a key area of interest for several ports across the globe. Australian Port of Brisbane and Belgian Port of Antwerp have initiated blockchain projects to ease shipping trade by automating administrative processes.

Earlier this month, the Danish Maritime Authority announced it would use blockchain technology to reduce administrative burdens in trade and ship registration processes, the world’s first blockchain-based platform for electronic certificates of origin was launched by the Singapore International Chamber of Commerce and vCargo Cloud, while the world’s first blockchain platform for marine insurance became available for commercial use.