Blockchain primarily serves as a “trust” and “transaction” protocol that provides consistent and reliable set of records that are accessible to network participants and at the same time practically non-falsifiable.
The adoption of enterprise blockchain solutions serves as a business-model enabler opening up the potential for more efficient and reliable business processes from data analytics, supply chain, autonomous selling, financial reporting, digital investment products and more…
At PermianChain, we set the focus of our short-to-medium-term efforts on establishing a framework for a technological infrastructure that focuses on optimizing financial returns of oil production, by disrupting the oil-focused private equity business-model through our investment arm which serves as a digital investment vehicle for oil and gas assets, the Permian Holding. With such a digital asset, investors will have the benefits of high transaction volumes that are seen in the Cryptocurrency market, the benefits of faster liquidation that traditional private equity investments, and a more transparent investment reporting with data driven technological infrastructure.
Having said that, in the long-term, with our blockchain powered infrastructure, the Permian Holding’s underlying investments will undergo more reliable portfolio allocation while company-level decision-making becomes data driven.
The oil and gas industry increasingly relies on the analysis of data provided by cutting-edge technologies, such as sensors to improve productivity and efficiency. But amid the vast swathes of data being collected, the ability to trust its validity and provenance is becoming more difficult.
Let’s assume data is recorded from an offshore oil rig, consisting of many connected components and sensors. In the case of a large oil spill, an action-by-action account of what led to the spill is needed. But collating this data and proving its veracity beyond doubt can be ruinously time-consuming and expensive — and even impossible in some cases.
Amid the vast swathes of data being collected, the ability to trust its validity and provenance is becoming more difficult.
The blockchain’s ability to permanently record all the steps in a process is already widely known. But it can also be used to build an application that provides immediate and immutable proof demonstrating a specific chain of events. This type of application could also provide the verified data needed for safety and compliance audits. And it could even aid business intelligence by immediately providing accurate, incorruptible information to support time-crucial efficiency decisions — such as re-positioning a rig dynamically in response to input from tide and wind sensors.
