SUBSCRIBE TO TMCnet
TMCnet - World's Largest Communications and Technology Community

TMC NEWS

TMCNET eNEWSLETTER SIGNUP

Blockchain's Developing Role in American Infrastructure
[February 07, 2018]

Blockchain's Developing Role in American Infrastructure


NEW YORK, February 7, 2018 /PRNewswire/ --

NetworkNewsWire Editorial Coverage 

One of the primary goals of the current U.S. Administration is to revamp the country's failing infrastructure, especially internal waterways vital for transporting a vast range of goods, including grain, steel, coal and petroleum products. Blockchain technology can play a crucial role in this process, and the federal government already investigating the potential implementation of the technology to streamline construction. Recently approved as a government contractor for the State of Utah, Petroteq Energy, Inc. (OTC: PQEFF) (TSX-V: PQE) (FRANKFURT: MW4A) (PQEFF Profile) has integrated blockchain into its operations, poised to take advantage of blockchain's impact on the oil and gas market, as well as infrastructure. Other enterprises focused on developing solutions in the blockchain space include 360 Blockchain, Inc. (OTC: BKLLF) (CSE: CODE), BTL Group Ltd. (OTC: BTLLF) (TSX-V: BTL), Hive Blockchain Technologies Ltd. (TSX-V: HIVE) and Marathon Patent Group, Inc. (NASDAQ: MARA).

In 2017, President Donald Trump allocated $200 billion of the national budget to rebuild the country's infrastructure as part of a $1 trillion investment plan over the term of his presidency, according to a White House report (http://nnw.fm/G2sLb). The integration of blockchain technology for infrastructure development could enhance the management and security of sensitive information, potentially allowing both state and federal governments to improve transactional transparency and establish trust. It could also reduce the risk of fraud and financial mismanagement, one of the primary concerns in government.

Petroteq Energy, Inc. (OTCQX: PQEFF) (TSX-V: PQE) (FRANKFURT: MW4A) is gearing up to demonstrate blockchain's advantages through the company's Petrobloq supply chain management platform.

As a recently approved government contractor for the State of Utah, Petroteq will participate in the planning, design and procurement of the state's local and government infrastructure projects, where distributed ledger technology could minimize the risks of replacing old infrastructure. With a price tag of up to $3.6 trillion, updating America's crumbling infrastructure will be a costly feat, and one worth protecting.

"Given the timing of President Trump's State of the Union address, which emphasized infrastructure spending, specifically on roads and bridges, we feel this is a fortuitous timing for us to be able to participate in this anticipated growth opportunity," Petroteq CEO Alex Blyumkin stated in the press release (http://nnw.fm/LaHi8). "Historically, Utah's economic performance has been among the strongest in the nation with the construction sector having posted the highest job growth in 2016 at 6.8%, fueled by both robust residential and commercial activity. Becoming a contractor for the State of Utah is a significant milestone for our Company, and we expect that the project initiatives will generate significant benefits to our shareholders."

Petroteq's specific involvement will be to provide bitumen for the roadway projects. Bitumen is a favored essential element for roadways, representing a global market expected to top $110 billion by 2024. As the federal and state governments increase spending on construction, maintenance and repair, demand is expected to increase for bitumen's application in roadways, waterproofing, insulation and adhesives.

The inherent decentralization of blockchain technology is being explored as a solution to reduce the risks and enhance the security of advanced platform applications that will replace the old infrastructure.

Petroteq Leads Blockchain Implementation for Oil & Gas

The energy sector, and most specifically the oil and gas industry, is one of the areas that already benefits from successful implementation of blockchain technology, with Petroteq paving the way to innovative applications of the technology in this market.

The technology is ideal for secure records management, and its application can extend to any digitized transactions and assets. The energy industry is heavily regulated, employing protocols derived from multiple sources. These include refining, transportation, environmental impact and the taxation issues surrounding multinational oil transactions. Regulators can share data contained in a blockchain to maximize transparency, while preventing non-compliance and other potential issues.

The complexity of the oil and gas marketplace leads to the formation of joint-venture partnerships to execute project completion. As such, collaboration by several companies on the same project is commonplace. Blockchain's inherent transparency enables company management and departments, as well as investors to view the entire history of a project. This can remove potential contract conflicts that could result in substantial financial losses for the parties involved.

In a joint venture with First Bitcoin Capital Corp. , Petroteq is focused on its blockchain-based Petrobloq platform (http://www.Petrobloq.com), which will be the world's first blockchain-based platform to service the unique supply chain needs of the oil and gas industry.

Upstream, midstream and downstream sectors of the oil and gas industry each present unique complexities and challenges. While providing a faster and more secure supply chain, Petrobloq's solution will facilitate substantial cost savings for oil and gas producers, while helping to mitigate market fluctuations and the ongoing evolving geopolitical atmosphere.

Petroteq recently concluded an agreement with Pemex for the use of Petrobloq for supply chain management. The first company to adopt this platform, Pemex is a Mexican, state-owned petroleum company and one of the world's leading petroleum producers. Further to the agreement, Pemex's international liaison company, Grupo Pelge, will represent Petrobloq's inteests in Latin America.

Pemex's management portal is run by Achilles information, a leading global supply chain management company that manages service providers for over 100 major buyers and over 10,000 suppliers. Through this portal, Petrobloq intends to offer Pemex and other companies in the oil and gas industry the use of a supply chain system, upon final development.

"We believe this new opportunity with Pemex serves as a testament to the success of our vision as we continue to make progress in our most recent venture, to develop and operate an enterprise-grade, blockchain-based platform. As part of our strategy to build advanced oil processing and refining facilities, we discovered inefficiencies and bottlenecks associated with the industry's supply chain, and proposed blockchain solution is being designed to enable oil and gas companies globally to conduct transactions," Petroteq CEO Blyumkin stated in the press release (http://nnw.fm/mqWX1).


Petroteq's Core Expertise and Innovation 

Petroteq has a history of innovative petroleum technology-based expertise, establishing itself as a leader in the development of new and advances oil extraction and refining technologies. The Canadian-based company extracts heavy oils from oil sands, oil shale and shallow oil deposits.

The company currently has two major projects in the pipeline. Its first project covers oil and gas exploration and production from mineral leases it owns in partnership with Accord GR Energy Inc. in Texas. This involves the recovery of oil from over 80 shallow oil wells covering an area of 7,000 acres. Petroteq's second project focused on the expansion of production capacity at its heavy oil facility at Asphalt Ridge, Utah. This is a mineral lease covering more than 3,000 acres which features a large oil sands resource base with an estimated 87 million barrels of oil equivalent.

With considerable potential at stake, Petroteq is protecting its oil extraction process through the U.S. Patent Office and the Canadian Intellectual Property Office. In mid-January Petroteq received notices of allowance for its new patents, which cover the company's unique process for the extraction of bitumen from oil sands in a highly efficient, environmentally friendly way (http://nnw.fm/VXQg1).

Petroteq's technology requires no water, high temperatures or pressures for extraction, and does not produce greenhouse gases. The system extracts up to 99% of all bitumen, heavy oil and other lighter hydrocarbons, while recycling up to 99% of the benign extraction solvents.

Other Companies in the Blockchain Sector 

As Petroteq continues to advance its technologies, the company's focus on blockchain places it in a market occupied by a growing number of other companies with an interest in the technology.

360 Blockchain (OTC: BKLLF) (CSE: CODE) is a Canadian company that invests in early-stage opportunities in blockchain-based technology and the cryptocurrency sector. It focuses on accelerating the development and application of both private and public blockchain technologies for cryptocurrency, cryptographic security, decentralized data management and smart contracts. 360 Blockchain is currently developing solutions in esports, IoT, human resources and consumer loyalty programs. In November, 2017, the company invested $100,000 in a joint venture with NOS Blockchain Inc., a subsidiary of Nerds on Site Inc. that provides leading edge and cost-effective solutions for SMEs. This venture will focus on using 360 Blockchain's expertise to accelerate the development and implementation of NOS's advanced blockchain technologies.

With offices in Vancouver, Calgary and London, BTL Group Ltd. (OTC: BTLLF) (TSX-V: BTL) develops and invests in blockchain technology. The company operates an enterprise-grade private blockchain development platform called Interbit. BTL forms global partnerships to use its Interbit platform to develop solutions for businesses across multiple industries, including some of the world's largest institutions and corporations. Interbit includes a suite of APIs and smart contracts that enable business application developers to create blockchain-based applications rapidly, efficiently and with confidence. BTL's goal is to position Interbit to become the preferred tool of choice for professional-grade blockchain development among developers, application designers, solution architects and business leaders.

Hive Blockchain (TSX-V: HIVE) acquired Genesis Mining Ltd., the world's largest bitcoin mining company, to focus on the management of cryptocurrency mining operations by building a bridge from the blockchain sector to traditional capital markets. Hive Blockchain has the option to acquire four additional data centers from Genesis in Sweden and Iceland. Cryptocurrency mining is energy-intensive and relies heavily on energy efficiency to make it profitable. Iceland, in particular, provides abundant, cheap electricity from renewable energy sources. Its geographical location also facilitates a fast, reliable internet connection and gateway between North America and Europe. At the close of business on February 2, 2018, Hive Blockchain had a market cap of almost $504 million.

An Intellectual Property (IP) licensing and commercialization company, Marathon Patent Group (NASDAQ: MARA) acquires and manages IP rights for diverse business entities, including universities, small companies and large corporations. The company's commercialization lifecycle covers the discovery of viable opportunities to the performance of due diligence, providing capital, managing development, protecting IP, assisting with business plan execution and realizing shareholder value. In November, 2017, Marathon entered into a definitive purchase agreement for the acquisition of whole ownership of Global Bit Ventures Inc., a digital asset technology enterprise that uses blockchain protocols to mine cryptocurrencies.

These companies are taking the lead in the development of technologies and application solutions in the blockchain space for a variety of applications. With rapid growth in blockchain technology adoption, early movers like these enterprises could experience significant growth in tandem with this sector, potentially maximizing value for investors.

For more information on Petroteq Energy, visit: Petroteq Energy Inc. (TSX-V: PQE) (OTCQX: PQEFF) and http://www.Petroteq.Energy

About NetworkNewsWire
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization 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. 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. For more information, please visit https://www.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 is 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 undertakes no obligation to update such statements.

NetworkNewsWire (NNW) is affiliated with the Investor Brand Network (IBN).

About IBN
Over the past 10+ years we have consistently introduced new network brands, each specifically designed to fulfil the unique needs of our growing client base and services. Today, we continue to expand our branded network of highly influential properties, leveraging the knowledge and energy of specialized teams of experts to serve our increasingly diversified list of clients.

Please feel free to visit the Investor Brand Network (IBN) http://www.InvestorBrandNetwork.com


Corporate Communications Contact:
NetworkNewsWire (NNW)
New York, New York
http://www.NetworkNewsWire.com
+212-418-1217 Office
Editor@NetworkNewsWire.com

Media Contact:
FN Media Group, LLC
NNW@FinancialNewsMedia.com  
+1-(954)345-0611


[ Back To TMCnet.com's Homepage ]






Technology Marketing Corporation

35 Nutmeg Drive Suite 340, Trumbull, Connecticut 06611 USA
Ph: 800-243-6002, 203-852-6800
Fx: 203-866-3326

General comments: tmc@tmcnet.com.
Comments about this site: webmaster@tmcnet.com.

STAY CURRENT YOUR WAY

© 2018 Technology Marketing Corporation. All rights reserved | Privacy Policy