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Why the next oil boom will be fueled by blockchain

By Meredith Taylor - posted Tuesday, 27 February 2018

And Petroteq has technology to unlock the full potential of the Utah fields and their 32 billion barrels of oil.

And unlike the dirty, expensive tar sands of Canada, Petroteq will be able to exploit the Utah oil sands in an environmentally-friendly, cost-effective way through their proprietary technology.

Once the fields of Utah are on-line, US imports of oil from overseas, which are already in decline, could end altogether. The importance of Utah oil sands will push demand for it up and up, making it some of the most valuable oil on the market.

With its mastery of blockchain, Petroteq will be at the head of the pack. But its innovative drive forward is sure to be matched by other companies in the oil and gas sector.

In such a globally connected economy, the impact of transitioning to blockchain tech will be profound and will likely turn any industry on its head.

From oil majors like BP and Shell, to smaller innovators like Petroteq, massive potential is set to be unlocked in the oil and gas industry through the innovative use of new technology.