- Petroteq announces new office, staff and features for its blockchain platform
- PetroBLOQ is first blockchain platform developed exclusively for the supply chain needs of oil and gas sector
- Oil industry pioneer with history of patented environmental solutions
With its patented and proprietary technologies that produce zero greenhouse gas and zero waste, Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF) established itself as a pioneer in the environmentally safe extraction of heavy oils from oil sands and oil shale deposits. Petroteq is about to set another industry milestone with its new blockchain initiative, PetroBLOQ, to become the first blockchain-based platform developed exclusively for the supply chain needs of the oil and gas sector.
Back-to-back press releases issued in March 2018 outline some details of Petroteq’s pioneering initiative. The company’s release on March 9 announced the opening of its PetroBLOQ Blockchain Labs in California (http://ibn.fm/FH5YN). The company has leased purpose-built space and staffed the facility with blockchain and smart contract developers and UX/UI designers. The PetroBLOQ team is focused on developing robust blockchain capabilities, beginning with proofs-of-concept that can be developed into functioning prototypes with the objective of the platform integrating with existing solutions in the oil and gas supply chain. PetroBLOQ is only a part of the company’s broad strategic investment around digital transformation and innovation in oil and gas supply chain management.
In a news release, Alex Blyumkin, CEO of Petroteq, stated, “Technological innovation is a top priority for Petroteq— the company intends to continue to strategically invest in technology to benefit our industry, where success or survival depends heavily on being innovative.” Petroteq’s PetroBLOQ blockchain initiative is fast gaining acceptance from oil majors, like Pemex and Socar, and the company anticipates adding additional energy producers to its roster of partners when its technology is further developed.
After receiving numerous expressions of interest from industry participants and the trade press, Petroteq announced components and features of its proposed blockchain-based oil and gas supply management platform on March 13 (http://ibn.fm/0F8Jj). Through the deployment of a network of Internet of Things (IoT) sensors throughout a facility to monitor operations, PetroBLOQ intends to use proprietary blockchain technology to start and end processes and adjust parameters using the data collected by its IoT sensor network. The company believes that the PetroBLOQ blockchain platform will make oil production, facilities maintenance, and capacity upgrades more cost efficient and transparent, and it expects that the platform will provide a safer working environment for its users. PetroBLOQ believes that these technologies will extend to wearable devices, offering smart analytics that will maximize production efficiency and reduce the manpower required to operate a facility.
“PetroBLOQ recently opened its development labs for blockchain solutions for the oil & gas industry and looks forward to being at the forefront of the deployment of technologically advanced solutions for our industry,” Blyumkin added.
With a history of creating value by delivering unique industry-specific solutions, Petroteq now intends to disrupt industry norms and create enormous new value with its pioneering blockchain initiative, PetroBLOQ.
For more information, visit the company’s website at www.Petroteq.energy
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