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November 7th 2022 Toronto Canada: Alex Tapscott, author of Digital Asset Revolution and co-founder of the Blockchain Research Institute, hails Web3 and blockchain start-up, PermianChain for bringing the digital asset revolution to the natural resources sectors.
Chapter 7 is dedicated to how blockchain creates value through natural asset tokens (NATs), mainly in oil and natural gas. Mohamed El-Masri, Founder and CEO of PermianChain and CEO of Brox Equity, explains the mechanics behind energy tokenization within a blockchain-enabled ecosystem.
El-Masri discusses how utilization of blockchain is changing the way exploration and production companies raise capital as well as how investors and consumers participate in a digital energy market with surplus or shortage.
PermianChain’s solution is a digital platform combining a blockchain, decentralized cloud storage and Web3 compatible features that supports two forms of digital economics, one being a security token and the other being a utility token. Chapter 7 of Digital Asset Revolution also delves into how PermianChain introduces a digital midstream solution to powering bitcoin mining rigs through oil and gas operators.
Tapscott states, “This is the kind of fresh thinking that this industry needs!”
Back in April 2020, reduced consumer demand caused oil futures to fall into negative territory, oil firms had to pay entities to take oil off their hands as temporary storage was exhausted. Additionally, increased political pressure and lack of commercial viability in some areas has caused natural gas assets and resources to be stranded or wasted (i.e., flared or vented), in both situations taking away economic benefit from communities while the latter is causing harm to the environment. On the flip side, current global energy demand is outstripping supply, causing marginal oil and gas fields to become commercially viable. Unfortunately, the lack of incentive for oil and gas firms to invest in stranded [or distressed] energy assets did not allow regional and global energy markets to make better use of such wasted resources, until now.
“These challenges, while daunting, are the exact type that we can mitigate by using blockchain technology and proof of work infrastructure. We provide the gateway for the oil and gas sector to enter the world of DeFi, bitcoin and crypto markets by making contingent sources commercially recoverable. Making PermianChain the meta-grid for a digital energy economy, says El-Masri.
PermianChain’s native token, the digital energy currency (DEC) and the first compliant natural asset security token (NAST), the BROX Token issued by Brox Equity, are live within the PermianChain ecosystem.
For the first time ever, PermianChain will be showcasing an exclusive demo of its digital energy market and natural resources tokenization platform on the 9th of November 2022 at the Web3 & Blockchain World (W3B) in Toronto, Canada, co-hosted by the Blockchain Research Institute (BRI), a global independent blockchain think-tank, and MCI Group, the world’s largest engagement agency.
About PermianChain Technologies
PermianChain is a proprietary technology platform that brings together the crypto-asset mining and oil and gas sectors. Using a permissioned access blockchain, PermianChain makes it possible to utilise stranded energy resources, unlocking liquidity and transforming the way that oil and gas projects are funded, produced, bought and sold. Established in 2018, it is a pioneer member of the Blockchain Research Institute (BRI) and start-up member of the Petroleum Technology Alliance Canada (PTAC https://www.blockchainresearchinstitute.org/project/oil-natural-gas-and-blockchain/
About Blockchain Research Institute (BRI)
The Blockchain Research Institute (BRI) is an independent, global think tank dedicated to preparing private- and public-sector leaders in their roles as catalysts of change. Funded by international corporations and government agencies, the BRI brings together the world’s leading thinkers to research the strategic implications of Web 3 and blockchain technologies, producing practical insights that help its member organizations succeed.
About Mohamed El-Masri
Mohamed El-Masri is a corporate finance professional with a focus on alternative investment offerings. His entrepreneurial aspirations led to the pursuit of digitizing the corporate finance practice by building enterprise blockchain and Web3 solutions. Mohamed El-Masri is the founder and CEO of PermianChain Technologies Inc. and the Director & CEO of Brox Equity Ltd.
About Alex Tapscott
Alex Tapscott is an entrepreneur, author, thought leader, and seasoned capital markets professional focused on the impact of emerging technologies on business, government, and society. He is the managing director of the Digital Asset Group, a division of Ninepoint Partners LP.
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