Creating, monitoring, and updating energy transactions using distributed ledger technology and contract codex

Abstract

Methods and systems for improved creation, monitoring, and updating of energy transactions are provided. In one embodiment, a method is provided that includes receiving a request to originate a contract for an energy transaction. Transaction information concerning the energy transaction may be received and may identify a type of energy resource and parties for the energy transaction. A requirement for the energy transaction may be identified within the contract codex and at least one condition may be determined based on the requirement. An updated contract may be generated by adding the at least one condition to the contract. Information regarding the updated contract may be stored on the distributed ledger.

1 . A method comprising:
 receiving a request to originate a contract associated with an energy transaction;   receiving transaction information concerning the energy transaction, the transaction information including at least a type of energy resource and at least two parties of the energy transaction;   identifying, within a contract codex, a requirement that is required for the energy transaction;   determining at least one condition based on the requirement;   updating the contract to include the at least one condition to generate an updated contract; and   storing information relating to the updated contract on a distributed ledger.   
     
     
         2 . The method of  claim 1 , wherein the contract codex stores at least one of (i) external standards requirements associated with entities other than the at least two parties to the energy transaction and/or (ii) internal standards requirements associated with at least one of the at least two parties of the energy transaction. 
     
     
         3 . The method of  claim 1 , wherein the method further comprises, after the energy transaction is finalized:
 determining that an updated requirement that applies to the energy transaction has been added to the codex;   determining at least one updated condition based on the updated requirement; and   updating, via the distributed ledger, the contract to incorporate the at least one updated condition.   
     
     
         4 . The method of  claim 3 , wherein updating the contract includes storing a transaction on the distributed ledger that identifies (i) the energy transaction and (ii) the at least one updated condition. 
     
     
         5 . The method of  claim 3 , wherein the contract is stored on the distributed ledger as a smart contract capable of executing one or more commands. 
     
     
         6 . The method of  claim 5 , further comprising querying the contract codex via the smart contract at regular intervals to determine when an updated requirement is added to the contracts codex. 
     
     
         7 . The method of  claim 3 , wherein at least one of the requirement and/or the at least one condition are identified by a predictive model that predicts one or more operating conditions for the energy transaction. 
     
     
         8 . The method of  claim 7 , further comprising:
 updating a first predicted operating condition based on the updated requirement to generate a second predicted operating condition;   comparing, according to predetermined criteria, the second predicted operating condition to the first predicted operating condition;   determining, based on the predetermined criteria, that the first predicted operating condition should be replaced; and   updating the contract based on the second operating condition.   
     
     
         9 . The method of  claim 8 , wherein the predetermined criteria include at least one of an official regulation, a measure of transaction value from at least one of the at least two parties, a predicted inventory level for at least one of the at least two parties, and/or a capital requirement for at least one of the at least two parties. 
     
     
         10 . The method of  claim 1 , wherein the transaction information is received via data stored on the distributed ledger. 
     
     
         11 . The method of  claim 1 , wherein the information relating to the updated contract includes metadata containing the at least one condition. 
     
     
         12 . The method of  claim 1 , wherein updating the contract comprises:
 retrieving a contract template based on the transaction information; and   adding the at least one condition to the contract template.   
     
     
         13 . The method of  claim 1 , wherein the transaction information further includes at least one of a quantity of energy resource purchased, a transportation provider for the energy resource, a delivery date for the energy resource, a source location of the energy resource, a destination location for the energy resource, and/or a refinery for the energy resource. 
     
     
         14 . A system comprising:
 a processor; and   a memory storing instructions which, when executed by the processor, cause the processor to:
 receive a request to originate a contract associated with an energy transaction; 
 receive transaction information concerning the energy transaction, the transaction information including at least a type of energy resource and at least two parties of the energy transaction; 
 identify, within a contract codex, a requirement that is required for the energy transaction; 
 determine at least one condition based on the requirement; 
 update the contract to include the at least one condition to generate an updated contract; and 
 store information relating to the updated contract on a distributed ledger. 
   
     
     
         15 . The system of  claim 14 , wherein the contract codex stores at least one of (i) external standards requirements associated with entities other than the at least two parties to the energy transaction and/or (ii) internal standards requirements associated with at least one of the at least two parties of the energy transaction. 
     
     
         16 . The system of  claim 14 , wherein the instructions further causes the processor to, after the energy transaction is finalized:
 determine that an updated requirement that applies to the energy transaction has been added to the codex;   determine at least one updated condition based on the updated requirement; and   update, via the distributed ledger, the contract to incorporate the at least one updated condition.   
     
     
         17 . The system of  claim 16 , wherein the contract is stored on the distributed ledger as a smart contract capable of executing one or more commands. 
     
     
         18 . The system of  claim 17 , wherein the instructions further cause the processor to query the contract codex via the smart contract at regular intervals to determine when an updated requirement is added to the contracts codex. 
     
     
         19 . The system of  claim 14 , wherein the instructions further cause the processor to:
 update a first predicted operating condition based on an updated requirement in the contract codex to generate a second predicted operating condition;   compare, according to predetermined criteria, the second predicted operating condition to the first predicted operating condition;   determine, based on the predetermined criteria, that the first predicted operating condition should be replaced; and   update the contract based on the second operating condition.   
     
     
         20 . The system of  claim 14 , wherein the instructions further cause the processor, while updating the contract, to:
 retrieve a contract template based on the transaction information; and   add the at least one condition to the contract template.