IADC has recently updated its DDR Plus page to include IADC Authorized DDRPlus Distributors, IADC Authorized DDRPlus Licensees, and IADC Certified Smart Contracts.
The IADC DDR Plus™ is a print and electronic data collection system aimed at securing accurate and relevant drilling data that industry can use to assess performance against drilling Key Performance Indicators. The IADC Data, Controls and Sensors Subcommittee of the IADC Advanced Rig Technology Committee expanded the legacy main codes and created a series of cascading sub-codes to improve granularity in reporting. The efforts of this process resulted in the creation of the IADC DDR Plus™, which is available as an electronic schema and in a traditional paper format.
Smart Contracting is defined as a self-executing contract where terms of agreement between buyer and seller are directly written into lines of code across a private, permission-based blockchain network. The code controls the execution of the terms, and transactions are trackable and irreversible. By providing efficiency, transparency, and a permanent record for audit transactions, smart contracts can solve problems for both buyers and sellers in the industry.
