Blockchain technology a perfect match for oil and gas

Petroteq Energy Inc., a company focused on the development and implementation of proprietary technologies for the energy industry, yesterday announced components and features of its proposed blockchain based oil and gas supply management platform. The company has received numerous expressions of interest from industry participants and the trade press. In an effort to describe the applications of blockchain in a more granular way to develop an understanding in the industry, Petroteq would like to unveil some of the targeted capabilities of its PetroBLOQ platform. At the plant level the company believes that PetroBLOQ&rsquo;s platform will make oil production, the facilities maintenance and capacity upgrades more cost efficient and transparent. Additionally, PetroBLOQ intends on the platform providing a safer working environment for its users and its employees. These intended benefits will come from the deployment of a network of Internet of Things (IoT) sensors throughout the plant to monitor its operations. In addition to being able to monitor operations PetroBLOQ also intends on being able to use blockchain to start and end processes and adjust parameters using the data collected by its IoT sensor network. This capability has the added benefit of eventually reducing the manpower required to operate as the components of a blockchain enabled plant will be able to communicate as a network at the facility and be controlled remotely. PetroBLOQ believes that these technologies will extend to wearable devices, and smart analytics that will maximise production efficiency. &ldquo;PetroBLOQ recently opened its development labs for blockchain solutions for the oil and gas industry and looks forward to being at the forefront of the deployment of technologically advanced solutions for our industry,&rdquo; stated Mr. Blyumkin, Petroteq&rsquo;s CEO. Petroteq is a fully integrated oil and gas company focused on the development and implementation of a new proprietary technology for oil extraction. The company has an environmentally safe and sustainable technology for the extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented 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.

Blockchain technology a perfect match for oil and gas

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