Business
First Bitcoin Capital Corp Awarded $500,000 Contract to Develop Blockchain-Powered Supply Chain Management App
First Bitcoin Capital Corp Awarded $500,000 Contract to Develop Blockchain-Powered Supply Chain Management App.
About this update from First Bitcoin Capital Corp.
[{"type":"text","content":"TEL AVIV, ISRAEL / ACCESSWIRE / November 8, 2017 / First Bitcoin Capital Corp. (the \"Company\") (OTC PINK: BITCF) (COIN: BITCF), a global developer of industry-specific blockchain powered applications, today announces that Petroteq Energy, Inc. (TSX-V: PQE) (OTCQX: PQEFF) (FRA: MW4A) has awarded a $500,000 contract to the Company to develop and demonstrate to the oil and gas industry a blockchain-powered supply chain management platform, www.PetroBLOQ.com.The contract from Petroteq, a company focused on 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, 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 customize 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 optimize 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,\" stated Alex Blyumkin, CEO of Petroteq.According to a report by www.OilPrice.com, blockchain technology shows great potential, as it can be used to execute energy supply transactions, as well as create the basis for clearing processes, metering and billi...