First Bitcoin Capital Corp (BITCF)

[BlockChains]

National Law Review on BITCF

Blockchain Technology Being Deployed to Optimize the Oil and Gas Industry
As blockchain technology continues to gain ground, more and more companies are exploring how the technology can be used to optimize existing industries. One such company is Petroteq, an oil and gas producer that recently announced the development of a blockchain platform aimed to address problems that the company identified while trying to develop oil processing and refining facilities around the world.

According to a recent press release, the Petroteq blockchain platform (referred to as Petrobloq) is being designed in partnership with First Bitcoin Capital Corp. as a supply chain management platform intended to exclusively serve oil and gas industry supply chain needs. The Petrobloq platform aims to streamline existing processes and reduce transaction costs for oil and gas industry participants doing business in the global markets, allowing platform users to realize cost savings and gain a competitive advantage in the industry during a period of price volatility and changing production levels.

Blockchain may be able to improve other areas of the oil and gas industry, including: (1) facilitating the exchange of information with both regulators and joint venture partners, (2) reducing the risk of hacking and tampering, and (3) providing increased transparency in connection with company audits and due diligence.

With development moving forward, Petroteq also recently joined the Enterprise Ethereum Alliance, the world’s largest open-source blockchain initiative. According to the company’s press release, Petroteq views its membership as an important step towards developing transformative blockchain-powered solutions for the oil and gas industry.

https://www.natlawreview.com/article/blockchain-energizer-volume-19-december-14-2017