Petrobloq will be the first Blockchain based platform developed exclusively for the supply chain needs of the Oil & Gas sector. The Upstream, Midstream and Downstream industries each have their own challenges and complexities. Its been nearly seven years since the sector has seen $120 barrels of oil and the price is still less than half that, in utilizing Blockchain to meet the supply chain needs of oil and gas producers, we anticipate that Petrobloq users will enjoy cost and time savings, increased transparency and the ability to mitigate the constantly evolving geopolitical atmosphere and market fluctuations.
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"If applied in the energy market, blockchain technology will replace (some of) the intermediaries currently operating there and lead to a fall in transaction costs."
"Oil and gas companies could derive many benefits from blockchain technology, from enhancing efficiency and transparency to more securely storing and managing data."
"Blockchain is more than just a disruptive technology. It represents an opportunity for chemicals and petroleum companies to increase their profitability in today’s economic environment and well into the future.”
"[U]sing a blockchain itself to embed contracts would add a lot of value into the supply chain and remove issues of fraud and corruption.”