Oil and gas exploration company Petroteq Energy (TSX.V: PQE) (OTCQX: PQEFF) recently announced it will be developing a new blockchain platform in collaboration with First Bitcoin Capital Corp. (OTC: BITCF). The new supply chain management platform, named Petrobloq, is under development to be used in the global oil and gas industry. A recent article discussing the potential uses of blockchain reads: “The distributed ledger aspect of the technology means that new transactions and updates are circulated to all nodes on the network simultaneously. The information in the ledger, which is more like an accounting journal rather than a ledger, is structured and encrypted in such a way that it cannot be altered without agreement by a majority of the nodes in a network (which automatically and simultaneously check the change against the ledger). A transaction is initiated by one party and validated by another using a combination of private and public keys. And since the information is distributed, the greater the number of nodes, the more secure the network becomes. Any attempt at fraud would require the corruption of the same chain in every node in a network simultaneously during the few seconds that the Blockchain is processing a change.”
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About Petroteq Energy Inc.
The company is engaged in the development and implementation of its proprietary environmentally friendly heavy oil processing and extraction technologies. Petroteq’s 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. Under a joint venture agreement with Recruiter.com and Oilprice.com, we anticipate that the website offering employment opportunities in the Energy sector will be launched in the month of November 2017. Petroteq is also developing technologies to optimize petrochemical industry workflow processes and will bring a team of professionals to expedite the process. For more information, visit www.PetroteqEnergy.com.
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