CALGARY, Alberta, June 14, 2018 (GLOBE NEWSWIRE) -- GuildOne Inc. (“GuildOne” or the “Company”), the pioneering Canadian technology company who released the first commercial network using blockchain to transact an energy smart contract, is announcing the Thunderbird Consensus, a project focused on removing contract disputes in First Nations’ royalty payments. The Thunderbird Consensus is a collection of data scientists, programmers, academics and business people researching the profound potential of innovative technologies such as blockchain (distributed ledger and smart contracts), machine learning and artificial intelligence to encode and effect Indigenous Rights and Treaty Entitlements.
“The Thunderbird project is being developed as a resource for a more independent management of oil and gas opportunities by Indigenous Communities,” says Basile Favel, a cognitive scientist and Project Lead at GuildOne. “Thunderbird provides the tools and resources communities need to take a more active role in managing oil and gas opportunities.”
GuildOne’s national collaboration on a blockchain system for Canada would represent three fundamental and invaluable elements: a high-profile commitment to the primacy of the Indigenous - government relationships, a “best-in-the-world” implementation of a transformational technology, and a reimagining of the very nature of government and government financing in Canada.
A member of Poundmaker Cree nation, Favel will be speaking at the Global Petroleum Show in Calgary, Alberta, on Thursday, June 14th, at 9:30am, and will discuss how the Thunderbird Consensus will encourage the sustainable development of Indigenous Oil and Gas resources. Favel believes “the Thunderbird project will function as a platform for First Nations and government agencies to transact in transparency and good faith.” Indeed, using blockchain technology, funds due to Indigenous groups can be distributed immediately upon the production of resources or the use of infrastructure. Distribution would be tightly documented and verified to the satisfaction of all parties.
Utilizing blockchain technology requires consensus to transact, ensuring agreement among stakeholders - introducing trust to untrusting parties. Key facts are truly shared and used as variables in calculations and settlements - eliminating disputes. Blockchain delivers truth and reconciliation.
GuildOne CEO, James Graham offers that “these technologies are democratizing those tools previously available to only the biggest companies and regulators. Now we have a working concept whereby First Nations communities can actually derive value from these systems.”
First Nations, Metis, and Inuit peoples have negotiated hundreds of relationships with corporations and governments related to resource and infrastructure development. Presently, the funds from these commitments come to Indigenous groups in a variety of complex, unreliable, and inconsistent ways. Complicated accounting and auditing procedures routinely leave governments and corporations struggling to honour their commitments, and Indigenous organizations struggling to pay their staff and keep their operations solvent.
Streamlining financial and contractual relationships and ensuring that commitments are honoured in an immediate, verifiable, and highly trusted manner would remove one of the major challenges in the relationships between Indigenous peoples, companies and governments in Canada.
About GuildOne Inc.
For more than two decades, GuildOne Inc. has supplied advanced database solutions and business intelligence to the oil and gas industry so organizations can better understand and use data to enhance business performance.
Since 2016, GuildOne has invested in the research and development of emerging technologies such as blockchain, machine learning, and artificial intelligence, culminating in the release of its Royalty Ledger, the first successfully executed commercial network using blockchain technology to transact an energy smart contract.
A pioneering technology company, GuildOne recently launched the Energy Block Exchange (EBX), a blockchain business network for energy organizations. EBX is designed as a compatibility zone for the industry to share secure smart contracts, settle payments, and ensure rights and revenue completion. This application of smart contracts will eliminate disputes between counter-parties by securely and privately sharing key facts enabling near-instant contract settlement.
For more information, visit guild1.com.
GuildOne Inc,
Suite 940 333 5th Ave SW
Calgary AB, T2P 3B6
P: 403 209 3001
www.guild1.com