NetworkNewsWire
Editorial Coverage: Blockchain will be one of the defining
technologies over the next 10 years. As the depth of its uses
become more apparent, an increasing number of companies are
claiming intellectual property rights for applications of the
technology in numerous industries. Petroteq Energy Inc.’s
(TSX.V: PQE) (OTCQX: PQEFF) (PQEFF
Profile) blockchain-powered supply chain management platform
will be utilized for its patented oil extraction process, while
Bank of America Corp. (NYSE: BAC) looks to
leverage blockchain to provide faster, securer financial services.
Consulting giant Accenture (NYSE: ACN) is also in
on the act, as is Mastercard, Inc. (NYSE: MA),
which aims to improve payment procedures through recently patented
technology. International Business Machines Corp. (NYSE:
IBM) is looking across the blockchain possibilities,
applying it to both payment systems and supply chains, with a focus
on petroleum and chemicals.
One Technology, Many Uses
Blockchain is a system for recording and sharing information,
including financial data. Because of the way that data is stored,
control of the information is decentralized, removing the need for
a single controlling point, and with it a single point of potential
failure that is vulnerable to error and fraud. As a result,
blockchain makes it easier to transfer data or money while reducing
risks. It’s creating so much potential that more than half of the
corporate executives and other experts consulted for a 2015 survey
by the World Economic Forum’s Global Agenda Council on the Future
of Software & Society predicted that 10 percent of
GDP will be stored on blockchain technology by 2025.
Blockchain can be used to verify clients and products, leading
to more secure records for industries including property and
precious stones. Smart contracts that automatically pay out at the
point of completion will securely automate business transactions.
Decentralized record keeping allows more efficient supply chain
management.
With so many possibilities at stake, it’s little wonder that so
many companies are securing patents for blockchain services.
Bringing Blockchain Into the Energy Supply
Chain
With its high-value transactions and complicated infrastructure,
energy is one of the industries that could most benefit from
blockchain software. Petroteq
Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF) recognized
blockchain’s potential to revolutionize supply chain management as
an immense opportunity, and was quick to integrate the technology
into its operations.
Petroteq is a Canadian company looking to help America tap into
its rich and, in some cases, untouched oil and gas deposits.
Through the development and implementation of its proprietary
environmentally friendly heavy oil processing and extraction
technologies, it aims to access new sources of fuel. Its
proprietary process produces zero greenhouse gas, zero waste and
requires no high temperatures, reducing the impact of an industry
often associated with environmental destruction. The company
recently received notices of allowance from U.S. and Canadian
patent offices covering its oil extraction technology (http://nnw.fm/Ck3dW).
Petroteq is currently focused on developing its oil sands
resources and expanding production capacity at its Facility at
Asphalt Ridge, Utah, where it expects to extract the equivalent of
87 million
barrels of oil over the next 25 to 30 years. With its
energy-efficient technology and economically run plant, this oil
will create high profits through low production costs.
Notably, all industrial processes at the facility are expected
to be on the company’s blockchain-powered supply chain management
platform, Petrobloq, which
was developed in partnership with First Bitcoin Capital
Corp. (BITCF) (http://nnw.fm/Z8TpG). This system will address the
lackluster global supply chain channels in the oil and gas
industry, releasing the energy industry’s potential for profit.
The energy sector and its support services are built around
massive centralized power plants, even though the industry has
become more distributed in its production systems and management
needs. This stands in the way of maximizing value, as systems are
too inefficient for modern companies. Designed exclusively for the
energy industry, Petrobloq will meet the distinct needs of oil and
gas producers who are looking to extract greater profit from
slimmer natural resources.
The decentralized digital ledger provided by blockchain can
create a reliable and efficient platform for tracking energy
trades, land title transactions, and the thousands of other
interactions that make up the energy industry. Even as assets
change hands, ownership can be accurately tracked, the results
recorded in a blockchain rather than through a central database.
Particularly in joint enterprises, a single record will be
accessible to all parties, thereby supporting trust and efficient
cooperation.
Blockchain-powered smart contracts will improve the speed and
efficiency of transactions, radically changing the supply chain.
Stored on blockchain, computer codes will automate payments and
other interactions, facilitating the rapid processing of supply
chain transactions.
“The entire non-hydrocarbon supply chain could be transformed
with blockchain,” according to
Mark Koeppen of Deloitte Consulting. “The interaction with
thousands of suppliers, vendors and counterparties drives up
complexity and cost but blockchain could help companies monitor
compliance from their suppliers.”
Improving Transparency and Collaboration
For a heavily regulated industry like oil extraction, blockchain
brings further benefits in supporting oversight and compliance. A
supply chain system like Petrobloq will make it easier to monitor
and report on processes, and so to detect non-compliance. A huge
part of the regulatory burden will be shaken off, reducing costs
for business and improving oversight for the public.
This is being achieved by Petroteq through a collaborative
approach that extends beyond its work with First Bitcoin
Capital.
“Our goal is to create the first oil extraction facility in the
U.S. in which all industrial processes will be powered by our
blockchain-based supply chain management system,” said Dr. Jerry
Bailey, President of Petroteq. “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 recently
became members of Hyperledger, the open source collaboration to
advance cross-industry blockchain technologies, and the American
Petroleum Institute (API). 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.”
While work on blockchain for energy is being led by small
innovators like Petroteq, it has potential to benefit even the
biggest players in the industry. Companies such as
ExxonMobil (XOM) and Gazprom
(GAZP) have the financial resources to soak up costs from
inefficiency, but they also have the most to gain from streamlined
tools such as blockchain. Adoption of blockchain technology could
bring substantial increases in profits for these companies. It will
also make it easier for them to answer the challenges of regulators
and environmentalists, as their practices come under increasing
scrutiny.
Blockchain Across Business
Bank of America (BAC), the second-largest bank
in America and the largest wealth management company in the world,
has the largest portfolio of blockchain patents — 27 referring to
blockchain itself and 39 on the related technology of
cryptocurrency. CEO Brian Moynihan has made clear
that the bank is not interested in cryptocurrencies, the
obvious area of concern for a bank. Instead, Bank of America is
building up the potential for blockchain to increase efficiency
across business.
Mastercard (MA), one of the largest payment
processing companies in the world, prides itself on its
forward-looking approach to finance, listing “Putting technology
first” among its areas of focus. Like Bank of America, it has
repeatedly shown an interest in blockchain but not in bitcoin. In
a patent
application filed on the 6th of May 2016, the application sets
out details for a blockchain database that would reduce delays in
payment transfers. The use of blockchain by such high-profile
companies will aid the adoption of systems such as Petrobloq and
cut externally driven inefficiencies from the energy supply
chain.
Global consulting and professional services firm
Accenture (CAN) has identified blockchain as
an important
tool in fostering trust and so supporting economic growth. As
the company’s website points out, “middle- and back-office
functions often remain antiquated, slow and inefficient thanks to
overly complex processes involving many counterparties, manual
tasks and third-party service providers.” Like Petroteq, Accenture
is working on developing blockchain technology to cut out
duplication and middlemen, improving the efficiency of
administrative and financial transactions.
Technology giant IBM (IBM) is an unsurprising
leader in blockchain technology, aiming to reduce cash cycle time,
increase transaction visibility, and reduce overhead and
intermediary costs. It has singled out the
chemical and petroleum industries as ones that will
particularly benefit from these technologies, thanks to faster
financial transactions and the transparency that the system
creates. The company is investing in developing blockchain
technology to reduce the practice of maintaining records via
antiquated, sole-source in-house methods, which are time-consuming
and create risk through a single point of failure.
Blockchain is set to transform the energy supply chain. While
the largest companies may eventually profit the most, innovative
outsiders like Petroteq are the ones who will lead the way and
ultimately hold the valuable patents that make it happen.
For more information on Petroteq Energy Inc.
visit Petroteq Energy
Inc. (TSX.V: PQE) (OTCQX: PQEFF)
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