Blockchain technology may find widespread application in oil and gas industry
Replacing intermediaries with blockchain technology
Reducing transaction costs in oil and gas

Although most closely associated with bitcoin and cryptocurrencies, blockchain technology is finding its way into a wide range of industries and applications. Under development in fields as diverse as stock trading, land title registration, smart contracts, the sharing economy and supply chain logistics, the technology’s disruptive potential is being compared to that of the internet itself. As an example of the seismic shifts it may precipitate, a Forbes feature speculates on the reasons ‘Why Blockchain Could Kill Uber’ (http://nnw.fm/35S4i). Uber, the peer-to-peer ridesharing company, is perhaps the poster child for what has come to be called the sharing economy. Now, Petroteq Energy Inc. (OTCQX: PQEFF) (TSX.V: PQE) is out to take that sharing concept one step further, in the oil and gas industry, with its PetroBLOQ blockchain platform. Developed in collaboration with First Bitcoin Capital Corp., PetroBLOQ may reduce transaction costs in supply chain management by making many intermediaries in the industry redundant.

The sharing economy is best characterized by companies like Uber and Airbnb. Indeed, ‘uberization’ is now an accepted alternative term for the phenomenon, which is essentially the enabling of peers to transact with each other. However, the approach adopted by Uber and others is just one model under which peer-to-peer transacting is made possible. These companies erect a technological platform that allows...

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