Having never before mentioned PETROTEQ ENERGY IN (OTCMKTS:PQEFF) here on Street Register, we always like to start things off by looking at how the company describes its own business. In this case, we’re coming at an interesting time. Petroteq recently announced that it would be pursuing a complementary new direction in addition to oil extraction- using blockchain technology to optimize oil & gas supply chain management with a system it calls Petrobloq.
By now, if you haven’t heard of blockchain, you haven’t been paying much attention. It’s the driving technology behind one of the biggest stories in finance today: Cryptocurrency, or, more specifically, Bitcoin. With the help of First Bitcoin Capital, Petroteq intends to apply the same underlying blockchain technology to an application for streamlining supply chain management in the oil industry, as well as others, like mining.
According to PETROTEQ ENERGY IN (OTCMKTS:PQEFF), “Blockchain holds the promise of unlocking billions of dollars in profits for the Energy Industry by reducing the friction inherent in the business processes we need to control.” Because Blockchain is an open distributed ledger, replicated across many nodes in a peer-to-peer network, it minimizes the need for oversight and governance of a single ledger. Due to it being decentralized, no single one party is entrusted with all the information, blockchain essentially self-monitors, providing data reliability and eliminating reconciliation.
Petroteq believes it is uniquely positioned to participate in this tidal transition for the energy industry because it can work with and partner with all of the majors and juniors and not be seen as a threat. With Blockchain is poised to be the biggest game changer for the energy industry for the next several decades, the company claims to have the resources and access to work with the leaders in the industry.
The company has teamed up with First Bitcoin Capital (OTCMKTS: BITCF) to begin this effort and develop tools to bring value to the industry. It might be through a ledger structured blockchain product or it could be through a coin, or possibly both. Petroteq intends to then package up that technology and deliver it to the majors, so they don’t have to do it themselves, creating a network where all the players in the energy industry can send and receive crucial production, transportation, and accounting information in real time and save billions in costs.
Petroteq’s goal of developing these technologies and providing them as a service to the industry, it hopes will be able to generate a new revenue stream the company as well as benefitting from the efficiencies of the platform itself for its ongoing oil operations.
We think Petroteq’s approach with Petrobloq is very interesting and worthy of our attention. Anything blockchain related is going to have high visibility, with that effect only increasing into the future. That would be reason enough for us to take notice, but then we also have the impressive run up the chart the stock itself has made after news of this new direction filtered its way into trading circles. The epic runs being enjoyed by anything even remotely tied to the ‘crypto’ space has been imparted on this stock as well, makling us that much more anxious to follow the story. Stay locked to Street Register for updates, and we’ll deliver important developments on PQEFF as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in PQEFF stock, short or long.