First Bitcoin Capital Posts $500,000 Contract-Award News
First Bitcoin Capital Corp Awarded $500,000 Contract To Develop Blockchain-Powered Supply Chain Management App
November 08, 2017
OTC Disclosure & News Service
TEL AVIV, ISRAEL / ACCESSWIRE / November 8, 2017 / First Bitcoin Capital Corp. (the "Company") (OTC PINK: BITCF) (COIN: BITCF), a global developer of industry-specific blockchain powered applications, today announces that Petroteq Energy, Inc. (TSX-V: PQE) (OTCQX: PQEFF) (FRA: MW4A) has awarded a $500,000 contract to the Company to develop and demonstrate to the oil and gas industry a blockchain-powered supply chain management platform, www.PetroBLOQ.com.
The contract from Petroteq, a company focused on 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, enables First Bitcoin Capital to create a platform that will serve as a one-stop shop to provide oil and gas companies the ability to customize their own distributed ledger modules to enhance their business operations.
"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," said First Bitcoin CEO Greg Rubin.
First Bitcoin Capital has chosen the Hyperledger blockchain, a product developed by the Linux Foundation-led open-source cross-industry collaborative Hyperledger Project, as the core technology for the platform for Petroteq to be used for real-time supply chain management. The Company will also build for Petroteq a smart contract system prototype on a blockchain to improve the efficiency of oil and gas supply chain management interactions. Taking advantage of distributed ledgers, the two companies will be exploring ways to optimize and monitor the supply chain logistics on the blockchain to automate oil and gas industry transactions.
"We have begun a journey with First Bitcoin Capital to exploit the potential of this new technology. We are very pleased with the cooperation with the team and will begin to develop a first blockchain proof-of-concept. We look forward to seeing these blockchain applications applied to our business," stated Alex Blyumkin, CEO of Petroteq.
According to a report by www.OilPrice.com, blockchain technology shows great potential, as it can be used to execute energy supply transactions, as well as create the basis for clearing processes, metering and billing applications in the documentation of ownership, the state of asset, renewable energy and white certificates, guarantees of origin and emission allowances. About First Bitcoin Capital Corp.
The Company is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange - www.CoinQX.com (in Beta). The Company sees this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies and in developing new types of digital assets. Being the first publicly-traded cryptocurrency and BlockChain-centered company, the Company wants to provide its shareholders with diversified exposure to digital cryptocurrencies and BlockChain technologies.
For more information, visit www.BitcoinCapitalCorp.com. About Petroteq Energy Inc.
The Company is engaged in the development and implementation of its proprietary environmentally friendly heavy oil processing and extraction technologies. Our proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge heavy oil extraction facility located near Vernal, Utah. The company also owns a minority stake in an exploration and production play located in southwest Texas held by Accord GR Energy Inc. Under a joint venture agreement with Recruiter.com and Oilprice.com, we anticipate that the website offering employment opportunities in the Energy sector will be launched in the month of November 2017. Petroteq is also developing technologies to optimize petrochemical industry workflow processes and will bring a team of professionals to expedite the process. Recently Company partnered with First Bitcoin Capital to develop Blockchain powered industry supply chain management platform called PetroBLOQ.
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