NetworkNewsWire
Editorial Coverage: Investors looking to diversify their
portfolios and gain access to the multi-billion-dollar global
blockchain industry should have some exciting options as 2018
progresses, particularly when it comes to the $13 billion global
supply chain management (SCM) market (http://nnw.fm/5T3Ps). The immutable, distributed
ledger technology known as blockchain can deliver numerous SCM
efficiencies that could revolutionize logistics for a variety of
sectors, including oil and gas (http://nnw.fm/O7zPi). Petroteq Energy, Inc.
(TSX.V: PQE) (OTCQX: PQEFF) (PQEFF
Profile) has already envisioned this
future of networked intelligent devices, and has initiated the
development of the oil and gas industry’s first dedicated
blockchain-based based SCM platform, PetroBloq (http://nnw.fm/b0thV). Investors can also look to
diversification into this burgeoning new space via first-movers
like oil and gas giant BP (NYSE: BP), and tech
companies like IBM (NYSE: IBM),
Advanced Micro Devices (NASDAQ:
AMD) and Eastman Kodak (NYSE: KODK).
Because blockchain is ideal for virtually any kind of records
management activity, it has the potential to become the backbone
tracking architecture for an evolving and fully transparent grid of
digitized assets, documents and transactions. This transparency
will have a transformative impact (http://nnw.fm/gSj9h) on everything from regulatory
compliance to more efficient multi-company collaboration on
projects.
BP and Royal Dutch Shell have formed a powerhouse consortium
(http://nnw.fm/BJLo4) to deliver a
blockchain-based platform for trading energy commodities, while IBM
and the world’s largest container line, Maersk, have partnered to
develop a trade digitization SCM platform built on blockchain
technology (http://nnw.fm/5mM2v) for the sprawling global shipping
ecosystem. IBM’s endeavor in particular accentuates the potential
of a dedicated SCM platform like Petroteq Energy,
Inc.’s (TSX.V: PQE) (OTCQX: PQEFF) PetroBloq,
showcasing the increasing demand and acceptance for such
innovation.
Technological Innovation as Core Value
Proposition
Real-time, transparent and secure features like self-executing
smart contracts, an automatic audit trail for regulators, and the
ability to enable peer-to-peer trading models could revolutionize
logistics management for oil and gas producers, potentially saving
billions of dollars by replacing antiquated electronic and paper
standards (http://nnw.fm/DbD8T). In fact, highly localized
peer-to-peer energy markets could be right around the corner,
forcing utilities in particular to adapt. Encryption-based
blockchain platforms will create secure digital records of every
unit of energy, piece of equipment, shipment in transit, and
contract being traded, while also vastly improving security,
reliability and producer/consumer confidence (http://nnw.fm/dDv0W).
For a technology company such as Petroteq Energy,
Inc. (TSX.V: PQE) (OTCQX: PQEFF), boldly pioneering
cutting-edge blockchain platform tech alongside heavy hitters like
BP or IBM is second nature. After all, this is the company that
developed a novel, environmentally safe, continuous flow, closed
loop extraction process (http://nnw.fm/P9uIt) suitable for both major types of
oil sands – a first in North America and possibly the entire world.
This proprietary technology is the result of a half decade’s worth
of intensive R&D, which recently led to a Notice of Allowance
from the USPTO and its Canadian equivalent for this technology
(http://nnw.fm/F9ZeC).
While the patent itself is new, Petroteq has long-used the
technology at its heavy oil extraction facility in Maeser, Utah,
where the company produced and sold 10,000 barrels of oil in 2015.
The technology is at the core of the ongoing expansion of
Petroteq’s oil extraction facility which will fully utilize
PetroBloq’s blockchain-powered supply chain management
capabilities.
“Our goal is to create the first extraction facility in the U.S.
in which all industrial processes will be powered by our
blockchain-based supply chain management system. We have an
expansive vision to leverage technology to make a transformative
impact on our industry, and we believe in the power of
collaboration … We look forward to working with our colleagues
across industries and borders to help create lasting improvements
in efficiency while being mindful of our environment,” Petroteq
President Dr. Jerry Bailey stated in a press release issued January
10, 2018 (http://nnw.fm/Qggu1).
Dr. Bailey’s experience as head of Exxon in the Middle East adds
weight to Petroteq’s confidence in blockchain in the energy
industry.
Tailored, Modular SCM Designed Specifically for the Oil
and Gas Sector
Because PetroBloq will be the first blockchain-based SCM
platform specifically designed for the oil and gas sector, its
focus will be addressing the complexities of some of the industry’s
biggest concerns, such as constantly changing supply and demand
values, volatile geopolitical atmospheres, and increasingly
stringent regulatory oversight. The oil and gas industry is also
one of the most vulnerable to cybersecurity breaches (http://nnw.fm/sEHD8), as 70 percent of companies were
to some extent hacked (http://nnw.fm/4Medu) in 2016, a problem for which
synchronized and distributed blockchain systems are ideally
suited.
“This is our first initiative to address the industry’s growing
concerns by developing sustainability benchmarks. We believe this
is good news for oil producers, regulators, and consumers. Emerging
technologies like PetroBloq blockchain platform should have a
transformative impact on the global oil industry – not only by
creating transparency in the supply chain but also creating value
for its stakeholders, upstream, midstream, and downstream,” stated
Alex Blyumkin, CEO of Petroteq.
PetroBloq is being designed with a full production lifecycle
orientation in mind, based on the understanding that such SCM must
extend beyond product production and dovetail in real-time with
ancillary material, equipment, and service provider supply chains.
It must also allow producers to shave crucial percentage points off
the overall cost of necessary purchases and services (http://nnw.fm/6bWnC).
The development of PetroBloq is in conjunction with proprietary
blockchain technology, cryptocurrency and digital currency exchange
developer First Bitcoin Capital Corp. (OTC PINK: BITCF) (COIN:
BITCF) (http://nnw.fm/eDBp9). The nature of this collaboration
points to Petroteq’s commitment to innovation in the oil and gas
sector, and the company’s ability to work with partners who
understand the future of blockchain.
“Blockchain technology has the potential to change not only the
oil and gas sector but also other areas of the global business
world, leading to improved and optimized efficiency of the
end-to-end business transaction processes,” First Bitcoin CEO Greg
Rubin explained in a press release (http://nnw.fm/oQWS5).
Leveraging its industry expertise, First Bitcoin chose the
open-source collaborative known as Hyperledger Project as the core
technology for the PetroBloq platform (http://nnw.fm/tWZ73). Taking advantage of distributed
ledgers, First Bitcoin and Petroteq intend to explore ways to
optimize and monitor the supply chain logistics on the blockchain
to automate oil and gas industry transactions.
Further cementing the company’s SCM platform within the market,
PetroBloq is part of the world’s largest open-source blockchain
initiative, the Enterprise Ethereum Alliance (EEA) (http://nnw.fm/8HsTf).
PetroBloq also tapped two key appointments to the company’s
advisory board in recent months, landing as an officer and director
Dr. R. Gerald "Jerry" Bailey (http://nnw.fm/j1ZQ3), who brings a whopping five
decades plus in the international petroleum industry to the table
through extensive onshore and offshore work throughout the U.S. and
Middle East. The company also welcomed legendary emerging tech
company builder, Joseph “Joe” Abrams (http://nnw.fm/liFs1) to its advisory board. Abrams is
the man who co-founded Inter-Mix Media, from which iconic,
pioneering web brand MySpace was later bought by NewsCorp for $580
million.
More Detail on Additional Diversification
Targets
BP (NYSE: BP), through the aforementioned deal
with Danish container shipping juggernaut Maersk, is setting itself
to become one of tomorrow’s heaviest hitters in SCM for the $500
billion global shipping industry. Under heavy consolidation
(http://nnw.fm/h28Uc) and reputed as a game for
only the biggest players with the deepest pockets, the container
shipping industry’s day-to-day ground game nevertheless remains
logistically hampered. With government regulators and port
authorities awaiting shipping information and documentation from
antiquated electronic data interchange and paper sources, massive
loads of commodities remain in port for weeks or more. The $4
trillion shipping industry (http://nnw.fm/lmuT7) is primed to receive blockchain
innovation with open arms.
IBM (NYSE: IBM) has already taken a big lead in
blockchain tech for SCM, aiming to reduce cash cycle time, increase
transaction visibility, and reduce the overhead and number of cost
intermediates (http://nnw.fm/ct4LZ). Customs declarations are seen as
a growth market for the technology (http://nnw.fm/5cxPP), due in large part to
blockchain’s ability to ensure asset transfer integrity across a
company’s entire supply chain via distributed ledger
authentication, a network-driven capacity hailed as the answer to
the difficult, costly, time consuming and risk-inviting practice of
maintaining such records via antiquated, sole-source in-house
methods.
Advanced Micro Devices (NASDAQ: AMD) is often
associated with GPU sales to crypto miners who eschew the low power
consumption and raw computational efficiency of ASIC
architectures in favor of the versatility of standardized
hardware and being able to mine different coins with the push of a
button. However, the company more recently made inroads into an
interesting corner of the blockchain market via the $102.19 billion
by 2023 (26 percent CAGR) global data center market, via the
company’s “Epyc” server chip (http://nnw.fm/2bCY5). AMD’s new CEO, Lisa Su, told
Barron’s in October (http://nnw.fm/UN9vy) that three out of seven top cloud
computing companies will deploy the chip this year.
Eastman Kodak (NYSE: KODK) is another
mold-breaker here, recently announcing its plans to revolutionize
content rights management for photographers via a licensing
partnership with WENN Digital (http://nnw.fm/5m4Dm). The plan is to use the newly
launched KODAKOne encrypted management platform, a digital ledger
of rights ownership, in conjunction with a photo-centric
cryptocurrency called KODAKCoin. This one-two punch will enable
both professional and amateur photographers to market their work in
the $110 billion plus by 2021 (http://nnw.fm/qZXq6) global digital photography space
with supreme confidence, on a secure blockchain platform.
Many market analysts forecast that 2018 will be the year that
blockchain tech really heats up. Savvy investors will not want to
miss this huge opportunity to diversify into blockchain plays that
can grant access to the upside, without encountering the kind of
volatility now typically associated with the raw cryptocurrency
markets facilitated thereby. Blockchain for SCM or digital rights
management is a real no-brainer and there will likely be more big
news for the oil and gas sector on this front as 2018
progresses.
For more information on Petroteq Energy, visit Petroteq Energy,
Inc. (TSX.V: PQE) (OTCQX: PQEFF)
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