IADC recognizes that it can be challenging for drilling contractors to receive prompt payment for services. Smart contracting offers an opportunity to shorten the length of time from invoice to payment, with a process that can be tailored for daily review and approval.
Smart contracting defined: 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 and transactions are trackable and irreversible.
IADC licensed vendors capable of providing smart contracting services:
Data Gumbo: The Largest Smart Contract Network
IADC Certifies Smart Contract Network