Land rights, royalties, and division interests are an integral process of the upstream oil and gas segment. Before excavating or drilling, companies must determine who exactly has ownership over the land and the minerals rights in order to receive permission and direct payments.
Tracking land rights and ownership on a blockchain platform is one of the most highly-visible use cases of blockchain technology in the oil and gas industry. The First Genesis BcPaaS™ provides a single, clear, immutable record of ownership rights of land and minerals. Since records are collected and maintained by governments, blockchain technology integrates the involvement of many different government data sources.
The First Genesis BcPaaS™ architecture is capable of producing more than:
60,000 proofs per minute / 3,600,000 proofs per hour / 86,400,000 proofs per day
Without requiring the use of GPU farms or large clusters of Virtual Machines
or third-party proofing services!