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 receiving from the team and look forward to achieving a proof of concept to demonstrate feasibility and a pilot that will allow us to test and evaluate these BlockChain applications in our business and field operations.”
Recently, OILPRICE.com reported that BlockChain technology has the potential to provide a broad base of benefits to the energy sector with applications that may be designed to document and confirm energy supply transactions and to provide clearing processes, product metering and invoicing, product origin and ownership, renewable energy and white certificate data, and emission allowances.
About First Bitcoin Capital Corp
First Bitcoin Capital Corp (OTC: BITCF) (COIN: BITCF) is engaged in developing digital currencies and proprietary BlockChain technologies, and the digital currency exchange – www.CoinQX.com (in Beta). We see this step as a tremendous opportunity to create further shareholder value by leveraging management’s experience in developing and managing complex Blockchain technologies and in developing new types of digital assets since early 2014. Being the first publicly-traded cryptocurrency and BlockChain-centered Company, we provide our shareholders with diversified exposure to digital cryptocurrencies and BlockChain technologies.
About Petroteq Energy Inc.
Petroteq is engaged in the development and implementation of its proprietary, environmentally friendly heavy oil processing and extraction technologies. The Company is currently focused on oil and gas exploration and production on mineral leases located in southwest Texas held by Accord GR Energy Inc. (46 percent of which is owned by the Company), developing its oil sands resources and expanding production capacity at its Asphalt Ridge heavy oil extraction facility, located near Vernal, Utah. The Company is also developing methods and technologies to optimize petrochemical industry workflow processes.
Certain statements contained in this press release may constitute “forward-looking statements.” Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company’s filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company’s filings, which are on file at www.OTCMarkets.com.
SOURCE: First Bitcoin Capital Corp.