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FIRST BITCOIN CAPITAL CORP Receives First Payment Under Blockchain-Based Supply Chain Management Application Development Contract
FIRST BITCOIN CAPITAL CORP Receives First Payment Under Blockchain-Based Supply Chain Management Application Development Contract.
About this update from First Bitcoin Capital Corp.
[{"type":"text","content":"TEL AVIV, ISRAEL / ACCESSWIRE / January 11, 2018 / First Bitcoin Capital Corp. (OTC PINK: BITCF) (COIN: BITCF), a global developer of blockchain-based applications (the \"Company\") announced today that it has received the first $100,000 payment from Petroteq Energy Inc. (TSX-V: PQE) (OTCQX: PQEFF) (FRA: MW4A) under the terms of distributed ledger technology services agreement signed with Petroteq in November 2017. Under this agreement, the Company will receive a series of cash payments totaling $500,000 in return for its services in designing and developing a BlockChain-powered supply chain management platform for Petroteq that will be made available to the oil and gas industry. The platform will be designed as a \"one-stop shop\" that will provide both small and large oil and gas producers and operators with the ability to customize their own distributed ledger modules that will permit each company, in a secure \"closed\" environment, to document, track, and account for the supply of equipment, materials and services in project, field, and lease development.Our emphasis is ongoing innovation, research of new capabilities of the distributed ledger for the industry.The Petroteq platform will be built on the Hyperledger Platform and will use a BlockChain to provide real-time supply chain management. The Hyperledger is an open-source BlockChain technology platform intended as a foundation for developing industrial BlockChain applications. Its modular architecture allows for plug-and-play components, such as smart contracts, consensus verification, and other services. The Petroteq platform will utilize a \"smart contract\" system on the BlockChain that will improve efficiencies in the areas of service contracts and purchase orders, insurance verification, tracking and monitoring of equipment and materials, work progress, and overall cost containment and management.\"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 in the way commercial transactions are conducted,\" said Greg Rubin, CEO of First Bitcoin Capital. Petroteq management commented, \"We have begun a journey with First Bitcoin Capital to exploit the potential of this new technology. We are pleased with the assistance and cooperation we are receiv...