Petroteq Energy has awarded a contract to First Bitcoin Capital Corp the Company to develop and demonstrate to the oil and gas industry a blockchain-powered supply chain management platform.
The contract enables First Bitcoin Capital to create a platform that will serve as a one-stop shop to provide oil and gas companies the ability to customise their own distributed ledger modules to enhance their business operations.
“Blockchain technology has the potential to change not only the oil and gas sector but also other areas of the global business world, leading to improved and optimized efficiency of the end-to-end business transaction processes,” said First Bitcoin CEO Greg Rubin.
First Bitcoin Capital has chosen the Hyperledger blockchain, a product developed by the Linux Foundation-led open-source cross-industry collaborative Hyperledger Project, as the core technology for the platform for Petroteq to be used for real-time supply chain management.
The company will also build for Petroteq a smart contract system prototype on a blockchain to improve the efficiency of oil and gas supply chain management interactions.
Taking advantage of distributed ledgers, the two companies will be exploring ways to optimise and monitor the supply chain logistics on the blockchain to automate oil and gas industry transactions.
“We have begun a journey with First Bitcoin Capital to exploit the potential of this new technology. We are very pleased with the cooperation with the team and will begin to develop a first blockchain proof-of-concept. We look forward to seeing these blockchain applications applied to our business,” said Alex Blyumkin, CEO of Petroteq.