Why the next oil boom will be fueled by blockchain

Petroteq was recently cited by Geoffrey Cann, a Director at Deloitte specializing in the oil and gas industry, as a contender for blockchain technologies in the energy arena.

Oil and gas is a global endeavor in which huge inventories are held, ordered, transported, and distributed through multiple channels all over the globe. When things go wrong, productivity is slowed, production levels fall, and cargo is lost. This means billions in profit is potentially taken off the table.

And with the development of new energy sources such as shale gas, tight oil, oil sands, and coal seam gas reaching a critical mass, it's more important now than ever to rethink traditional supply chains.

This is the path on which Petroteq has embarked. And with the help of blockchain technology, the company is positioning itself as a leader in this race.

Petrobloq, Petroteq's very own blockchain consortium, is looking to reshape the industry. From drilling, to a finished petroleum-based product and everywhere in between, Petrobloq aims to track, monitor, and account for every drop of petroleum on a transparent, immutable, and secure blockchain.

The first member of the Petrobloq consortium is Latin America's second largest energy company, PEMEX, which made headlines as the first petroleum company to allow cryptocurrency as a payment option in participating gas stations. In joining the consortium, the company looks to soar to new heights.

Utilizing Petroteq's technology, Mexico's national oil company will become one of the world's largest non-publicly traded companies to introduce a blockchain-based supply chain management platform. An endeavor which is set to bring PEMEX's processes from production to sale to an entirely new level, ushering in a new era of efficiency and profitability.

These heavy hitting partnerships will certainly disrupt the entire industry. Data will be shared seamlessly between joint ventures. The time it takes to cut a deal will be reduced significantly. And perhaps most importantly, the middle man essentially disappears, reducing costs for every sub-section of the industry.

American Energy Dominance

The dramatic improvements planned for US infrastructure will incorporate innovations from companies like Petroteq.

President Trump announced a $1.5 trillion infrastructure plan at the State of the Union Address in January. That means billions will be invested into dilapidated oil and gas infrastructure.

The Trump Administration has made energy dominance a high priority. The Utah oil sands will play a huge part in advancing the future of American energy.