- Blockchain technology has the potential to transform supply chain management
- Complex commodity exchanges are traditionally fraught with disputes, driving up costs
- Exclusive blockchain platform for oil and gas industry under development
- Adoption of technology seen as necessary by majority of oil and gas executives
Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF) is a Canadian-registered, publicly traded company engaged in the development and implementation of proprietary technologies for the environmentally safe extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits. The company’s proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. As a forward-thinking pioneer in the energy industry, Petroteq is also participating in a blockchain initiative aimed at solving the global transaction needs of the oil and gas industry.
The company’s entry into the blockchain arena, appropriately named PetroBLOQ, is a collaborative effort with First Bitcoin Capital Corp. (OTC: BITCF) that aims to transform the ongoing problems of disputed oil and gas transactions. PetroBLOQ recently joined the 200-member Enterprise Ethereum Alliance (“EEA”), known as the world’s largest open-source blockchain initiative representing a diverse community of global industry experts (http://dtn.fm/1DLtA). PetroBLOQ is the company’s blockchain technology, the first blockchain-based platform developed exclusively for the supply chain needs of the oil and gas sector.
In a 2016 report issued by Deloitte Consulting and summarized in Rigzone (http://dtn.fm/EKW6u), an online oil and gas industry resource, 55 percent of oil and gas executives surveyed agreed that blockchain technology will be a requirement if companies are to retain a competitive advantage in the future. Another 45 percent acknowledged the disruptive potential that blockchain offers with its ability to encrypt connections and eliminate the role of third parties in transactions. One value of blockchain lies in its ability to fundamentally change the way certain processes are performed, bringing instant transactional verification for product trades.
Blockchains are, by design, built to increase transparency, share efficiencies, securely store and manage data, improve the speed of transactions and, potentially, reduce operating costs. The technology’s ability to create smart contracts offers a distinct advantage to the oil and gas industry, which, historically, has been a hotbed of logistical challenges, as discussed in an article published by the Wall Street Journal (http://dtn.fm/L0LvP). Indeed, experimenting with blockchain to make oil and gas trading more efficient is the subject of discussion around many boardrooms. David Eyton, head of technology for BP, said BP is exploring the implications of using blockchain in the energy sector, noting “there are uses for blockchain that could give us a competitive advantage.”
Petroteq Energy CEO Alex Blyumkin said the blockchain venture makes sense as the oil and gas industry seeks to modernize its resources. With its patented technologies to economically extract heavy oils through an environmentally-friendly, closed loop system, Petroteq is already dramatically lowering the cost per barrel and leaving behind only clean, dry sand. The addition of PetroBLOQ’s blockchain technology will add to the company’s stable of valuable products that underscore its belief in clean, sustainable energy and social responsibility.
For more information, visit the company’s website at www.Petroteq.energy
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