Processing plant equipment and pipeline sensors enable immediate invoicing as chemicals are used or produced

The powerful combination of blockchain technology, processing plant equipment, and pipeline sensors can track output and invoice customers in real-time to modernize invoice processing. In this digitalized process, sensors gather data from multiple points to ensure accurate billing based on executed contracts. Blockchain technology (with a cognitive layer built on top) records, tracks, and executes the contracts, and detects fraud instances. Equipment sensors confirm fulfilment of contract terms and, once the agreed-upon amount has been produced, the system executes payment. Oil & gas companies and their customers can benefit from increased transaction speed, accuracy, and security. In addition, sensor-enabled invoicing requires fewer staff resources, allowing employees to focus on more value-added activities.