Real World needs

I thought this would be an interesting topic , covering both public ledger and smart contracts.

There is a great need for this technology to apply to royalty trusts in the oil & gas industry. Trust unit holders are at the mercy of their well operators. Operators can take advantage of their position and not declare all product/by-product or not report to the trust the true sales or dates. Disagreements get bogged down in years of arbitration. The royalty trusts by their legal nature have limited strategic options, which allow them to be further compromised by a bad faith operator. If a royalty trust were formed with these new technologies built in, where all the well production is posted the public ledger, even possibly the sales in BSV, then there is far better deal for the royalty trust. I think a lot of royalty trusts are set up by the well drill/producers to quickly extract and redeploy capital. Operators might not be so keen, but I expect the investment community buying the trust that would be most interested in this. Not many new trusts are being set up these days, as we are 5 years off of the oil & gas investment bubble. Somebody would have to think of similar cases that currently incentivizes this. Upstream/midstream pipelines perhaps, as some have similar royalty arrangements.

Some interesting ideas here, thanks for the contribution.

I can envision a practical model that I believe would work.

Imagine flow measurement instruments ( having a simple Bitcoin wallet built in. The wallet could broadcast bitcoin transactions carrying a payload of real-time flow rates at predetermined intervals. Tailored audit procedures could ensure the integrity along with different security measures and encryption for operational privacy.

Flow measurement is complex and dependent on a lot of factors, so this is a big project to take on. However, it is a business model that could work, right now.

The longer game is to implement the wellhead control system in Bitcoin so all feedback goes onto the network and any decisions that change the state of the wellhead are sent to the control system over the Bitcoin network. This is a longer time away (maybe 10-15 years)