Adoption: Blockchain-Based Gasnet For Distribution Of Natural Gas In Argentina Recently Launched By IOV Labs

IOV Labs announced the successful launch of a blockchain network focused on Argentina’s natural gas distribution ecosystem. Dubbed Gasnet, the system is powered by RSK smart contracts. It aims to connect local natural gas distributors, their service providers, and Argentina’s natural gas regulator – Enargas.

Blockchain Platform Gasnet To Operate Natural Gas Distribution

In a press release shared with CryptoPotato, IOV Labs announced its newest blockchain-based project. Gasnet will use the company’s RSK smart contracts and the RIF second-layer solutions to increase transparency, efficiency, and information management for natural gas distribution in Argentina.

The project comes after a partnership between RSK and Grupo Sabra – a local software development company. Both firms started developing a permissioned blockchain for local gas distribution giant Gasnor in 2019.

After the initial phases, Argentina’s natural gas regulatory body Enargas approved the expansion of the project into a national ecosystem blockchain to include all nine distribution companies.

Enargas and Gasnor are both running a node on the Gasnet network, which is mounted on the RSK Enterprise version. The latter allows the registration of all transactions processed in the certification of a new installation or reconnection of gas services between the current or future customer, the registered gas provider, and the gas distributor.

RIF Name Services, on the other hand, allow over 10,000 service providers to register, verify, and implement digital identities on the permissioned blockchain network.

The Blockchain Merits

The process of setting up a new gas installation used to take lots of paperwork and time. With Gasnet, all parties will be able to achieve better traceability and security to complete the new facilities certifications, to measure the quality of the service providers, and to identify problems and solve them more rapidly.

Gasnor CIO, Carlos Amin, commented on the Gasnet launch, emphasizing on the benefits coming from the blockchain network:

“The implementation of the blockchain solution built on top of RSK and RIF and developed by Grupo Sabra is a key milestone for our organization that will enable to streamline our processes, reduce costs, improve time to market and most importantly, provide a much better user experience.”

Grupo Sabra’s CEO, Guillermo Villanueva, added that “we are honored that Gasnor chose RSK’s blockchain solutions and Grupo Sabra’s development tools to launch this groundbreaking initiative. We have no doubt that the Gasnet network will lead the Argentinian national gas industry to a more efficient, transparent, and compliant future.”