NetworkNewsWire
Editorial Coverage: In some of the world’s more dynamic
industries, like the oil and gas sector, companies face huge
challenges on a minute-to-minute basis. Intraday fluctuations in
supply and demand, paired with geopolitical changes accompanied by
regulatory complexities, and the overriding need for a management
system that tracks purchases and services in a volatile market, are
industry-wide issues facing oil and gas producers. Just a few
percentage points in one direction or the other can significantly
move the needle on a company’s bottom line (http://nnw.fm/R2pvg). Companies determined to make a
difference in their own earnings through the use of innovative,
problem-solving ideas include Petroteq Energy, Inc. (TSX.V:
PQE) (OTCQX: PQEFF) (Petroteq
Profile), Wipro Limited (NYSE: WIT),
BP p.I.c. (NYSE: BP), Advanced Micro
Devices, Inc. (NASDAQ: AMD) and Riot Blockchain,
Inc. (NASDAQ: RIOT).
To that end, if there were a way to steady the financial needle
and make that bottom line less susceptible to large-scale
surprises, problem-solvers throughout the global oil and gas
industry could find a greater sense of security about their supply
chain needs. What if the supply chain were intelligent, transparent
and able to adapt to market conditions or geopolitical pressures
that affect a company’s bottom line in real time? Technological
innovations are often found in the oil and gas industry, although
most of those improvements have been found out in the field.
There’s one innovation, however, that is still finding its way into
the oil and gas sector: blockchain technology (http://nnw.fm/3CJku). This decentralized,
open-distributed ledger is replicated across many nodes in a
peer-to-peer network, using cryptography to minimize the need for
oversight, which mitigates the risk of fraud or disputes between
the network’s partners.
Bitcoin is the most well-known user of blockchain technology,
but this is only one of many uses. Blockchain technology is
particularly compelling when it comes to the industries that trade
in huge economies of scale coupled with an extremely complex web of
suppliers, shippers and contractors. According to a recent Deloitte
industry report titled, “Blockchain: Overview of the Potential
Applications for the Oil and Gas Markets and the Related Taxation,”
(http://nnw.fm/X2wEn), the potential uses for
blockchain are growing and could have significant implications for
those energy exploration industries. Since the pace at which
blockchain will be adopted and will consequently disrupt markets is
unclear, the report suggests companies will either need to either
work together to drive innovation and next-generation solutions or
wait for the market to be disrupted by others.
Petroteq Energy
(TSX.V: PQE) (OTCQX: PQEFF) (PQEFF) is one oil and gas
exploration company that refuses to wait and see what others might
do, choosing instead to embrace what it sees as the many benefits
of blockchain technology. On November 6, Petroteq Energy and First
Bitcoin Capital Corp. (OTC: BITCF) announced a co-development
agreement to create a new supply chain management platform based on
blockchain technology that is specifically geared for the oil and
gas industry (http://nnw.fm/l3hJ4). Petroteq Energy is a
Canadian-registered holding company engaged in the development and
implementation of proprietary technologies for the environmentally
safe extraction of heavy oils from oil sands, oil shale deposits,
and shallow oil deposits. As part of the agreement, the two
companies will share industry experience and financial and
technological resources with the intention of developing and
operating an enterprise-grade, blockchain-based platform that will
enable oil and gas companies globally to conduct transactions.
"As a company focused on the development and implementation of
proprietary technologies for the environmentally safe extraction of
heavy oils, we understand the importance of developing new
technologies, especially blockchain-based innovations, to help
companies in our industry to get competitive advantage and cost
efficiency," Petroteq CEO Alex Blyumkin said in the news release
announcing the development agreement.
Appropriately, Petroteq has launched a new website dedicated to
the joint venture — https://petrobloq.com/ — where problems facing the oil
and gas industry are outlined and corresponding solutions are
offered. PetroBloq will be the first blockchain-based platform
developed “exclusively for the supply chain needs of the oil and
gas sector,” providing each of the individual companies involved
with cost and time savings, increased transparency, and the ability
to effectively mitigate the risk of fraud and disputes amid the
constantly evolving geopolitical atmosphere and subsequent market
fluctuations.
First Bitcoin Capital CEO Greg Rubin, an international energy
products investor with vast experience in the oil and gas
industries, says the challenges facing many companies require a new
way of thinking.
"Oil and gas companies could benefit from blockchain technology
for a range of applications, from optimizing efficiency to
transparency in business transactions to securely storing inventory
data on the blockchain. In the last few years, the industry has
struggled with price volatility and production levels, which has
led to cost-cutting efforts, reduced outputs and layoffs,” notes
Rubin. “These challenges have prompted many companies to rethink
how they operate and to identify new ways to optimize supply chain
management and transaction processing. As such, blockchain is
gaining traction and broader acceptance by oil and gas industry for
its potential to fundamentally change the way certain transactions
are conducted."
The nature of blockchain technology makes it ideal for any kind
of records management activity, including land transactions, sales
of oil and gas, service contracts, sourcing contracts that often
are complex and multi-jurisdictional, or joint ventures. Since all
transactions are managed on a blockchain – which are, by
definition, chained together and immutable – the management of a
specific operation is verifiable and protective for all
involved.
Wipro Limited (NYSE: WIT), a leading global
information technology, consulting and business process services
company, recently announced it has joined with Hyperledger to
design and develop open source-based blockchain solutions for
enterprise-grade blockchain deployments (http://nnw.fm/FlV6A). Hyperledger is a global open
source, collaborative effort created to advance cross-industry
blockchain technologies across sectors such as finance, banking,
Internet of Things, supply chain, manufacturing and technology.
Another industry heavyweight with an eye on blockchain is
BP p.I.c. (NYSE: BP), an integrated global oil and
gas company that explores for, produces and refines oil around the
world. The company operates in more than 70 countries worldwide and
moves energy around the globe, serving more than 12,000 customers
and is constantly using market intelligence to analyze supply and
demand for its commodities. BP management also recognizes that
blockchain technology provides opportunities and challenges for the
energy sector, noting blockchains could transform whole industries
(http://nnw.fm/B8d5Z).
Advanced Microdevices (NASDAQ: AMD) designs and
produces microprocessors and low-power processor solutions for the
computer, communications, and consumer electronics industries,
including cutting-edge research facilities around the world. Its
high-performance computing, graphics and visualization technologies
are used as the building blocks for gaming, immersive platforms,
and data centers. AMD graphics chips, or “GPUs,” are considered to
be an important source of growth for the company’s GPU business as
the commercial use of blockchain creates “long term opportunities
that are interesting,” said AMD CEO Lisa Su in a Barron’s article
(http://nnw.fm/98xuZ).
Riot Blockchain (NASDAQ: RIOT) is a strategic
investor and operator in the blockchain ecosystem with a primary
focus on the bitcoin and Ethereum blockchains. According to the
company’s website, it is a first mover on the Nasdaq as a pure play
focused on blockchain technology. Formerly called Bioptix, Inc.,
Riot Blockchain leverages its expertise and network to build and
support blockchain technology companies. It is establishing a
cryptocurrency mining operation and an advisory board with
technical experience intending to become a leading authority and
supporter of blockchain, while providing investment exposure to the
rapidly growing blockchain ecosystem (http://nnw.fm/UKXn5).
Transportation companies like United Parcel Service are also
among the numerous industries that have announced support of the
blockchain technology. In joining the blockchain in Trucking
Alliance (BiTA), a UPS
spokeswoman said blockchain technology “has the potential to
increase transparency and efficiency among shippers, carriers,
brokers, consumers, vendors and other supply chain
stakeholders.”
The management team at Petroteq agrees, advising on PetroBloq
that technology executives in oil and gas companies should consider
several key areas in determining whether and how blockchain
technology could be of benefit to them:
- Transparency and compliance – blockchain by design
should enable greater transparency and efficiency. Sharing digital
blockchain information in joint-operating agreements could reduce,
if not eliminate, the need for reconciliations between companies
and for data hubs controlled by third parties.
- Smart contracts – The sheer size and volume of
contracts and transactions necessary to execute capital projects in
oil and gas have historically caused significant reconciliation and
tracing issues among contractors, subcontractors and suppliers, in
addition to significant challenges in managing logistics for
supplies, tracking orders and deploying inventory.
- Trading and third-party impacts – Blockchain
technologies are beginning to disrupt and open energy trading
markets. By trading physical commodities on a blockchain solution,
commodity traders could benefit from increased speed of exchange,
improved availability of data, and enhanced reliability and
auditability as records are verified in near real-time.
The oil and gas industry’s global reach is a complex one with a
dizzying array of national regulations and restrictions.
Simplifying and improving the supply chain is a high priority for
any company centered on profitability. Exploring the benefits of
blockchain technology makes not only business sense, but common
sense for an industry that must constantly seek a competitive
advantage in today’s ever changing economic environment.
For more information on Petroteq Energy, visit Petroteq Energy,
Inc. (TSX.V: PQE) (OTCQX: PQEFF)
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides
(1) access to our news aggregation and syndication servers, (2)
NetworkNewsBreaks that summarize corporate news and
information, (3) enhanced press release services, (4) social media
distribution and optimization services, and (5) a full array of
corporate communication solutions. As a multifaceted financial news
and content distribution company with an extensive team of
contributing journalists and writers, NNW is uniquely positioned to
best serve private and public companies that desire to reach a wide
audience of investors, consumers, journalists and the general
public. NNW has an ever-growing distribution network of more than
5,000 key syndication outlets across the country. By cutting
through the overload of information in today’s market, NNW brings
its clients unparalleled visibility, recognition and brand
awareness. NNW is where news, content and information converge.
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com
Please see full terms of use and disclaimers on the
NetworkNewsWire website applicable to all content provided by NNW,
wherever published or re-published: http://NNW.fm/Disclaimer
DISCLAIMER: NetworkNewsWire (NNW) is the source of the Article
and content set forth above. References to any issuer other than
the profiled issuer are intended solely to identify industry
participants and do not constitute an endorsement of any issuer and
do not constitute a comparison to the profiled issuer. The
commentary, views and opinions expressed in this release by NNW are
solely those of NNW. Readers of this Article and content agree that
they cannot and will not seek to hold liable NNW for any investment
decisions by their readers or subscribers. NNW are a news
dissemination and financial marketing solutions provider and are
NOT registered broker-dealers/analysts/investment advisers, hold no
investment licenses and may NOT sell, offer to sell or offer to buy
any security.
The Article and content related to the profiled company
represent the personal and subjective views of the Author, and are
subject to change at any time without notice. The information
provided in the Article and the content has been obtained from
sources which the Author believes to be reliable. However, the
Author has not independently verified or otherwise investigated all
such information. None of the Author, NNW, or any of their
respective affiliates, guarantee the accuracy or completeness of
any such information. This Article and content are not, and should
not be regarded as investment advice or as a recommendation
regarding any particular security or course of action; readers are
strongly urged to speak with their own investment advisor and
review all of the profiled issuer’s filings made with the
Securities and Exchange Commission before making any investment
decisions and should understand the risks associated with an
investment in the profiled issuer’s securities, including, but not
limited to, the complete loss of your investment.
NNW HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E the Securities Exchange Act of 1934, as amended and
such forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. “Forward-looking statements” describe future expectations,
plans, results, or strategies and are generally preceded by words
such as “may”, “future”, “plan” or “planned”, “will” or “should”,
“expected,” “anticipates”, “draft”, “eventually” or “projected”.
You are cautioned that such statements are subject to a multitude
of risks and uncertainties that could cause future circumstances,
events, or results to differ materially from those projected in the
forward-looking statements, including the risks that actual results
may differ materially from those projected in the forward-looking
statements as a result of various factors, and other risks
identified in a company’s annual report on Form 10-K or 10-KSB and
other filings made by such company with the Securities and Exchange
Commission. You should consider these factors in evaluating the
forward-looking statements included herein, and not place undue
reliance on such statements. The forward-looking statements in this
release are made as of the date hereof and NNW undertake no
obligation to update such statements.
Source:
NetworkNewsWire
Contact:
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com
Wipro (NYSE:WIT)
Historical Stock Chart
From Aug 2024 to Sep 2024
Wipro (NYSE:WIT)
Historical Stock Chart
From Sep 2023 to Sep 2024