Adam Caplan, SVP of emerging technologies at Salesforce gave a talk at MIT Technology Review’s Business of Blockchain conference last week titled “Blockchain’s Role in the Enterprise”. He found that attaining cohesive vocabulary across industries and bi lateral partners is an overarching issue in the integration of the platform. Taking a step back, Caplan has found himself at a loss of words when having to explain ‘consensus’ in the context of blockchain saying “if anyone has figured out how to do that, please let me know.”
Furthermore he explains how blockchain in the oil industry should be focused more on the business solutions and growing revenue, rather than the technology itself.
In the oil and gas industry several of Salesforce’s clients have been testing the platform’s ability to create a network over which performance-based contracts can be rolled out and executed. The example he gives about oil extraction and refining is a real life occurrence in the industry from the initial stages of the project with the suppliers of equipment for drilling, supplier of employees and the third company might be in charge of the sale of oil. He explains that the company who wants to sell the oil would want to do so as fast as possible whereby the two aforementioned companies would have incentive to prolong projects because the longer rigs, equipment and workers are on site the more they can profit from that.
“So, looking at performance-based contracts on blockchain to align incentives through smart contracts [is] where bonuses can be paid based on speed,” said Caplan.
Even with a business collaboration like this where business partners might have opposing goals, through blockchain and performance based contracts it can be a catalyst for future streamlined partnerships.
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