- Petroteq launched its PetroBLOQ blockchain platform – a pioneering development in the oil and gas industry
- Mexico’s Pemex has already become the first PetroBLOQ member
- The blockchain market is set to experience colossal growth in all industries over the next six years
Blockchain technology has a wide range of applications across different industries, and Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF), a leading developer and provider of proprietary technology for the energy industry, has just demonstrated one more. The company’s innovative PetroBLOQ blockchain platform is a pioneer development in the oil and gas industry, aiming to take the shared economy concept one step further by making a number of industry intermediaries redundant and, consequently, reducing the cost of transactions in supply chain management (http://ibn.fm/dv96m).
Through the use of blockchain technology, it’s possible to complete transactions without an intermediary because of the verified procedures that are built into the platform. This is the main difference between blockchain-based projects and peer-to-peer interactions like those typical for sharing economy flagships such as Airbnb and Uber.
Blockchain technology makes it possible for data about every single interaction to be stored as a digital ledger in a continually reconciled database. Each reconciled transaction becomes a block – the unit that is needed to ensure the integrity of the transaction. This is how the intermediary can be eliminated altogether. The process ensures fairness and cost-efficiency while also expediting the completion of transactions.
According to Petroteq Energy, the oil and gas industry can benefit immensely from the introduction of blockchain technology. The structure of oil and gas interactions is complex. The industry spans across countries and continents and involves multiple players – from domestic transportation entities to refineries and information technology units. Because of the behemoth structure, the accumulation of accurate transaction data in real-time becomes a challenging, almost impossible task. This is where blockchain platforms like PetroBLOQ can be utilized to simplify complex steps and bring immediacy to the table.
All transactions across this massive network can be verified immediately via a blockchain platform. A central reconciling authority is no longer needed to examine the data. Obviously, the elimination of such an authority can increase the cost-efficiency of transactions, ensure data security and enhance the entire data management process.
This isn’t the only blockchain-related initiative launched by Petroteq Energy. In 2017, the company announced its entry into the Enterprise Ethereum Alliance (EEA). This is the biggest open-source blockchain network in the world, and its members include more than 500 companies and experts in the field of Ethereum technology.
Already expanding at an exponential rate, the global blockchain market is expected to continue growing in the years to come. While, in 2016, it was estimated at $210.2 million in the U.S., this market is set to increase to $2.3 billion dollars by 2021 (http://ibn.fm/pzNFY). Other, more daring predictions set a global blockchain market size of $7.74 billion by 2024 (http://ibn.fm/Xr2ZQ).
As of 2017, 80 percent of banks have developed their own blockchain technologies (http://ibn.fm/bQXc3). It’s nothing but natural for such platforms to start shaping up interactions in industries other than finance. A 2016 study by Deloitte (http://ibn.fm/mH16h) showed that many representatives of the oil and gas industry were still hesitant about blockchain introduction. Such attitudes leave the door for innovation wide open, enabling companies like Petroteq Energy to launch their pioneer developments.
PetroBLOQ is already making some change. Shortly after the initial announcement, Petroteq Energy reps said that Mexico’s state-owned petroleum company, Pemex, has agreed to become the first PetroBLOQ member. The security of the platform will make it easier to overcome and stabilize fluctuations stemming from the political climate and unforeseen circumstances.
For more information, visit the company’s website at www.Petroteq.energy
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