NetworkNewsWire
Editorial Coverage: One of the primary goals of the current
U.S. Administration is to revamp the country’s failing
infrastructure, especially internal waterways vital for
transporting a vast range of goods, including grain, steel, coal
and petroleum products. Blockchain technology can play a crucial
role in this process, and the federal government already
investigating the potential implementation of the technology to
streamline construction. Recently approved as a government
contractor for the State of Utah, Petroteq Energy, Inc.
(OTCQX: PQEFF) (TSX.V: PQE) (FRANKFURT: MW4A) (PQEFF
Profile) has integrated blockchain into its
operations, poised to take advantage of blockchain’s impact on the
oil and gas market, as well as infrastructure. Other enterprises
focused on developing solutions in the blockchain space include
360 Blockchain, Inc. (OTC: BKLLF) (CODE: CNX),
BTL Group Ltd. (OTC: BTLLF) (TSX.V: BTL),
Hive Blockchain Technologies Ltd. (TSX.V: HIVE)
and Marathon Patent Group, Inc. (NASDAQ:
MARA).
In 2017, President Donald Trump allocated $200 billion of the
national budget to rebuild the country’s infrastructure as part of
a $1 trillion investment plan over the term of his presidency,
according to a White House report (http://nnw.fm/G2sLb). The integration of blockchain
technology for infrastructure development could enhance the
management and security of sensitive information, potentially
allowing both state and federal governments to improve
transactional transparency and establish trust. It could also
reduce the risk of fraud and financial mismanagement, one of the
primary concerns in government.
Petroteq Energy,
Inc. (OTCQX: PQEFF) (TSX.V: PQE) (FRANKFURT: MW4A) is gearing
up to demonstrate blockchain’s advantages through the company’s
Petrobloq supply chain management platform.
As a recently approved government contractor for the State of
Utah, Petroteq will participate in the planning, design and
procurement of the state’s local and government infrastructure
projects, where distributed ledger technology could minimize the
risks of replacing old infrastructure. With a price tag of up to
$3.6 trillion, updating America’s crumbling infrastructure will be
a costly feat, and one worth protecting.
“Given the timing of President Trump’s State of the Union
address, which emphasized infrastructure spending, specifically on
roads and bridges, we feel this is a fortuitous timing for us to be
able to participate in this anticipated growth opportunity,”
Petroteq CEO Alex Blyumkin stated in the press release (http://nnw.fm/LaHi8). “Historically, Utah's economic
performance has been among the strongest in the nation with the
construction sector having posted the highest job growth in 2016 at
6.8%, fueled by both robust residential and commercial activity.
Becoming a contractor for the State of Utah is a significant
milestone for our Company, and we expect that the project
initiatives will generate significant benefits to our
shareholders.”
Petroteq’s specific involvement will be to provide bitumen for
the roadway projects. Bitumen is a favored essential element for
roadways, representing a global market expected to top $110 billion
by 2024. As the federal and state governments increase spending on
construction, maintenance and repair, demand is expected to
increase for bitumen’s application in roadways, waterproofing,
insulation and adhesives.
The inherent decentralization of blockchain technology is being
explored as a solution to reduce the risks and enhance the security
of advanced platform applications that will replace the old
infrastructure.
Petroteq Leads Blockchain Implementation for Oil &
Gas
The energy sector, and most specifically the oil and gas
industry, is one of the areas that already benefits from successful
implementation of blockchain technology, with Petroteq paving the
way to innovative applications of the technology in this
market.
The technology is ideal for secure records management, and its
application can extend to any digitized transactions and assets.
The energy industry is heavily regulated, employing protocols
derived from multiple sources. These include refining,
transportation, environmental impact and the taxation issues
surrounding multinational oil transactions. Regulators can share
data contained in a blockchain to maximize transparency, while
preventing non-compliance and other potential issues.
The complexity of the oil and gas marketplace leads to the
formation of joint-venture partnerships to execute project
completion. As such, collaboration by several companies on the same
project is commonplace. Blockchain’s inherent transparency enables
company management and departments, as well as investors to view
the entire history of a project. This can remove potential contract
conflicts that could result in substantial financial losses for the
parties involved.
In a joint venture with First Bitcoin Capital Corp. (OTC:
BITCF), Petroteq is focused on its blockchain-based Petrobloq
platform (www.Petrobloq.com), which will be the world’s first
blockchain-based platform to service the unique supply chain needs
of the oil and gas industry.
Upstream, midstream and downstream sectors of the oil and gas
industry each present unique complexities and challenges. While
providing a faster and more secure supply chain, Petrobloq’s
solution will facilitate substantial cost savings for oil and gas
producers, while helping to mitigate market fluctuations and the
ongoing evolving geopolitical atmosphere.
Petroteq recently concluded an agreement with Pemex for the use
of Petrobloq for supply chain management. The first company to
adopt this platform, Pemex is a Mexican, state-owned petroleum
company and one of the world’s leading petroleum producers. Further
to the agreement, Pemex’s international liaison company, Grupo
Pelge, will represent Petrobloq’s interests in Latin America.
Pemex’s management portal is run by Achilles information, a
leading global supply chain management company that manages service
providers for over 100 major buyers and over 10,000 suppliers.
Through this portal, Petrobloq intends to offer Pemex and other
companies in the oil and gas industry the use of a supply chain
system, upon final development.
“We believe this new opportunity with Pemex serves as a
testament to the success of our vision as we continue to make
progress in our most recent venture, to develop and operate an
enterprise-grade, blockchain-based platform. As part of our
strategy to build advanced oil processing and refining facilities,
we discovered inefficiencies and bottlenecks associated with the
industry’s supply chain, and proposed blockchain solution is being
designed to enable oil and gas companies globally to conduct
transactions,” Petroteq CEO Blyumkin stated in the press release
(http://nnw.fm/mqWX1).
Petroteq’s Core Expertise and Innovation
Petroteq has a history of innovative petroleum technology-based
expertise, establishing itself as a leader in the development of
new and advances oil extraction and refining technologies. The
Canadian-based company extracts heavy oils from oil sands, oil
shale and shallow oil deposits.
The company currently has two major projects in the pipeline.
Its first project covers oil and gas exploration and production
from mineral leases it owns in partnership with Accord GR Energy
Inc. in Texas. This involves the recovery of oil from over 80
shallow oil wells covering an area of 7,000 acres. Petroteq’s
second project focused on the expansion of production capacity at
its heavy oil facility at Asphalt Ridge, Utah. This is a mineral
lease covering more than 3,000 acres which features a large oil
sands resource base with an estimated 87 million barrels of oil
equivalent.
With considerable potential at stake, Petroteq is protecting its
oil extraction process through the U.S. Patent Office and the
Canadian Intellectual Property Office. In mid-January Petroteq
received notices of allowance for its new patents, which cover the
company’s unique process for the extraction of bitumen from oil
sands in a highly efficient, environmentally friendly way (http://nnw.fm/VXQg1).
Petroteq's technology requires no water, high temperatures or
pressures for extraction, and does not produce greenhouse gases.
The system extracts up to 99% of all bitumen, heavy oil and other
lighter hydrocarbons, while recycling up to 99% of the benign
extraction solvents.
Other Companies in the Blockchain Sector
As Petroteq continues to advance its technologies, the company’s
focus on blockchain places it in a market occupied by a growing
number of other companies with an interest in the technology.
360 Blockchain (OTC: BKLLF) (CODE: CNX) is a
Canadian company that invests in early-stage opportunities in
blockchain-based technology and the cryptocurrency sector. It
focuses on accelerating the development and application of both
private and public blockchain technologies for cryptocurrency,
cryptographic security, decentralized data management and smart
contracts. 360 Blockchain is currently developing solutions in
esports, IoT, human resources and consumer loyalty programs. In
November, 2017, the company invested $100,000 in a joint venture
with NOS Blockchain Inc., a subsidiary of Nerds on Site Inc. that
provides leading edge and cost-effective solutions for SMEs. This
venture will focus on using 360 Blockchain’s expertise to
accelerate the development and implementation of NOS’s advanced
blockchain technologies.
With offices in Vancouver, Calgary and London, BTL Group
Ltd. (OTC: BTLLF) (TSX.V: BTL) develops and invests in
blockchain technology. The company operates an enterprise-grade
private blockchain development platform called Interbit. BTL forms
global partnerships to use its Interbit platform to develop
solutions for businesses across multiple industries, including some
of the world’s largest institutions and corporations. Interbit
includes a suite of APIs and smart contracts that enable business
application developers to create blockchain-based applications
rapidly, efficiently and with confidence. BTL’s goal is to position
Interbit to become the preferred tool of choice for
professional-grade blockchain development among developers,
application designers, solution architects and business
leaders.
Hive Blockchain (TSX.V: HIVE) acquired Genesis
Mining Ltd., the world’s largest bitcoin mining company, to focus
on the management of cryptocurrency mining operations by building a
bridge from the blockchain sector to traditional capital markets.
Hive Blockchain has the option to acquire four additional data
centers from Genesis in Sweden and Iceland. Cryptocurrency mining
is energy-intensive and relies heavily on energy efficiency to make
it profitable. Iceland, in particular, provides abundant, cheap
electricity from renewable energy sources. Its geographical
location also facilitates a fast, reliable internet connection and
gateway between North America and Europe. At the close of business
on February 2, 2018, Hive Blockchain had a market cap of almost
$504 million.
An Intellectual Property (IP) licensing and commercialization
company, Marathon Patent Group (NASDAQ: MARA)
acquires and manages IP rights for diverse business entities,
including universities, small companies and large corporations. The
company’s commercialization lifecycle covers the discovery of
viable opportunities to the performance of due diligence, providing
capital, managing development, protecting IP, assisting with
business plan execution and realizing shareholder value. In
November, 2017, Marathon entered into a definitive purchase
agreement for the acquisition of whole ownership of Global Bit
Ventures Inc., a digital asset technology enterprise that uses
blockchain protocols to mine cryptocurrencies.
These companies are taking the lead in the development of
technologies and application solutions in the blockchain space for
a variety of applications. With rapid growth in blockchain
technology adoption, early movers like these enterprises could
experience significant growth in tandem with this sector,
potentially maximizing value for investors.
For more information on Petroteq Energy, visit: Petroteq Energy
Inc. (TSX.V: PQE) (OTCQX: PQEFF) and www.Petroteq.Energy
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