A few weeks ago energy giant Petroteq released more information on the capabilities of its blockchain platform, PetroBLOQ. As the first company to develop a platform tailor made for the oil and gas industry, Petroteq is emerging as a tech pioneer in the energy sector. It is hoped that blockchain technology will have the ability to improve the supply of oil and gas from producer to consumer.
In November of last year Petroteq and First Bitcoin Capital Corp announced a co-development agreement to create a new blockchain platform for the oil and gas sector. The agreement marked a commitment between the two companies to share technical expertise and resources to develop a next generation enterprise grade blockchain platform.
Over the next few years it is anticipated that blockchain technology will help to increase the transparency and the efficiency of the supply process in the energy industry. Enterprise blockchain platforms like Petroteq’s will help to reduce costs for both suppliers and consumers. The promise of such technology has made the energy sector take note of the PetroBLOQ platform.
In terms of specific applications for the PetroBLOQ platform, the technology has been designed to monitor oil production, maintenance and worker safety. Part of the concept relies on deploying Internet of Things (IoT) sensors throughout plants to monitor operations. This will improve inner plant communication and help to control day-to-day processes on a remote basis.
Down the line Petroteq intends to use this technology to create wearable devices with a native analytics platform designed to monitor worker efficiency on a micro basis. Currently the oil and gas industry is troubled by operational inefficiency that has driven up costs. The PetroBLOQ platform promises to change this by automating data transactions on a global basis.
Under the oil and gas industry’s contemporary model of operations, oil and gas must be manually obtained and monitored before being passed on to suppliers who also have their own internal processes that must be completed. This system of intermediaries slows down the supply chain and increases prices for consumers.
Blockchain technology will allow all of these producers, suppliers and organizations to communicate with each other on an automated basis. This means less deliberation and more action. The development of the PetroBLOQ platform will not only help to navigate market fluctuations but also to address fuel shortages more effectively.