Automated tracking of digital rights to seismic data throughout its lifecycle.
Context & Challenges
Seismic surveys use acoustic waves & vibrations to create images of what lies beneath the earth’s surface. Seismic survey data is used in oil & gas development to determine where deposits are located without having to drill. Seismic data is used by many different functional companies in the oil & gas industry — service providers, seismic data processors, resource holders, government entities — while being subject to ownership or entitlement constraints.
Seismic data generation and transfer of licensing are complex processes that are current characterized by —
— Largely document-based processes
— Lack of transparency, visibility, and traceability of data
— Sub-optimal auditing processes
— Slow & costly to operate and lengthy to comply
— Great variability of usage & needs among participants
In order to efficiently administer rights management, industry stakeholders are building an accessible digital library of seismic data and ownership.
An industry-wide decentralized platform built on STRATO Mercata addresses these challenges by providing the means to track seismic entitlement and access to different kinds data, providing all stakeholders with:
✓ Permanent recordkeeping and traceability of seismic entitlement data throughout its lifecycle
✓ Guaranteed transparency without violating confidentiality
✓ Automation of processes & enforcements via smart contracts with near real-time transactions
✓ Decentralization of assets with exchange of information in a pre-agreed consensus mechanism validation, instead of a third-party
✓ Immutable audit trail improves business, operational, and regulatory reporting — a trusted source for all stakeholders (including partners, governments, vendors, etc.)
✓ Cost reduction through the elimination of intermediary transaction fees, exceptions, and reconciliation
✓ Enhanced security through the public-key encryption, providing a record-level security of data
✓ No single point of failure in a network that is resilient against attacks on individual nodes
This blockchain-based solution provides greater transparency and traceability around seismic entitlement for all parties involved, while enhancing the security of asset transactions since no single entity has central access to records of all transactions.
Additional features include:
— Once an entitlement expires, the data is no longer accessible, but the record of the entitlement is maintained.
— A document management database to store basic seismic support documents in Word, Excel, and PDF formats
— A spatially related map interface — Geographic Information System (GIS) — that allows for viewing of data that is public, or limited to the viewing of data according to owner specifications