- Petroteq was a pioneer in the environmentally safe extraction of heavy oils with patented technologies
- Company’s blockchain initiative, PetroBLOQ, will be first blockchain platform developed exclusively for the supply chain needs of the oil and gas sector
- Examining company history of value creation, PetroBLOQ may be largest value driver yet
Cryptocurrencies have garnered enormous market attention lately. Some say cryptocurrencies are worthless, others say they’re the new global fiat medium of exchange. Time will tell. However, there is consensus that the underlying blockchain technology has applications that extend far beyond its connections to cryptocurrency. Companies around the globe are beginning to employ blockchain technology to streamline business and secure transactions.
Blockchain is an encrypted electronic ledger, replicated across a network of multiple computer nodes. This distributed ledger virtually eliminates the need for supervision and administration of records. Since this open and distributed record-keeping system is decentralized, blockchain is self-monitored by all of the linked computers. Blockchain can reduce costs whiles providing data security and reliability and eliminating the need for third party reconciliation (e.g. banks, clearing houses). “Blockchain, the digital record-keeping method that exploded in popularity in conjunction with the cryptocurrency craze, will change the way the world makes transactions,” IBM’s Martin Schroeter recently told CNBC (http://ibn.fm/BYOsA).
With such dynamic, complex and fungible markets, the oil and gas industry is likely to be one of the largest beneficiaries of blockchain. The recent article ‘Expectations for 2018 on Blockchain Applications in the Energy Industry’ (http://ibn.fm/FEKst) details both the industry challenges and the blockchain solutions being developed by Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF). Petroteq Energy, a multifaceted energy company, was a pioneer in the environmentally safe extraction of heavy oils from oil sands and oil shale deposits with its patented technologies that produce zero greenhouse gas and zero waste.
Petroteq’s new blockchain initiative, PetroBLOQ (www.PetroBLOQ.com), looks to set another industry milestone and will be the first blockchain-based platform developed exclusively for the supply chain needs of the oil and gas sector.
The oil and gas industry supplies vital commodities that are subject to constant price fluctuations, supply and demand imbalances and geopolitical pressures. Petroteq’s PetroBLOQ blockchain solution targets these complex variables as well as the risk and expense in the exploration and production of oil and gas. With over 35 billion barrels of oil produced each year, saving even a small percentage by managing supply and distribution can have a huge bottom line impact. Petroteq’s PetroBLOQ blockchain industry first solution aims to deliver cost and time savings, greater efficiency, flexibility and transparency and the ability to more effectively manage market fluctuations.
Petroteq has a history of creating value by identifying industry problems and delivering solutions, as it did with its patented, environmentally friendly heavy oil extraction technologies. Petroteq has intentions of creating enormous new value with its recent blockchain initiative, PetroBLOQ.
For more information, visit the company’s website at www.Petroteq.energy
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