Smart Contracts
The full potential of Blockchain lies with the execution of Smart Contracts. These are user-defined programs that determine the rules of writing to the Ledger. This process is fully Automated.
Within the context of B2B Chain, a Smart Contract is a Script stored on the Blockchain. They can be thought of as analogous to stored procedures in relational database management systems, and as they live ON the B2B Chain, they have a unique address.
A Smart Contract such as an Alert Mechanism can be triggered by a addressing a transaction to it. It then executes independently and automatically on every Node in the Network, so that every Node (Person or Persons in an RTOC) are notified simultaneously.
The ability for a Smart Contract to run a script opens up many opportunities for Edge management:
Examples might be:
- Notification of Unsafe Drilling Situations to the Well Stakeholders
- Status of BOPs: Open / Closed / Pressure on Lines
- Calculations started upon a Change in Rig State (e.g. data reduction)
- Update of Meta Data Parameters in Drilling Analytical Algorithms (e.g. Mud)
- Update Edge Machine Learning Models on the complete Rig Fleet automatically
- ROP Optimisation (Automation; why not ?)
- Formation Markers and Horizon Predictions (return notification from GOC)
- KPI rebuild
