HexOil

The trustless way to explore Upstream Oil Industry

HexOil

Created At

ETHIndia 2022

Winner of

🏊 Worldcoin — Prize Pool

Project Description

In the upper strata of Oilfield exploration ( that comes under the Upstream domain in the petroleum industry, which includes creating geological surveys and obtaining land rights, and production activities, which include onshore and offshore drilling.) the data collected is confined to the set of Geophysicists, Geologists, Reservoir engineers, and Process Associate Engineers. The data collected and processed by them defines the oil content and liquidity; that is, depending on this data, the company defines whether they should go around digging the field or not.

Now, what are the issues evident here?

Lack of transparency - The confinement of such valuable information implies chances of unfair data modifications and data breaches. Lack of trust and Entitlement - Oil fields are often sold between companies, and data like this would highly determine the investments. A trustless environment would perfectly facilitate this.

How it's Made

Well, to start with, we ran into multiple challenges.

First, Datasets. As we already mentioned, there is almost no transparency in the data; thus, finding datasets was tough, which made it building smart contract logic quite tricky.

Second, Implementing protocols. It was actually the most time-consuming as the SDKs were quite a bit problematic to implement. (Thanks to the awesome WiFi)

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