Blox Labs and Sonoro Energy to develop blockchain-based smart contracts ledger for oil and gas industry
Blox Labs Inc., in partnership with Sonoro Energy Ltd., has commenced development of “PetroBLOX”, a Blockchain-based smart contract supply chain management platform for the global oil and gas industry.
Through the utilization of smart contracts and decentralized application technologies, PetroBLOX will aim to enable and enhance workflow, maximize project management efficiency, and increase the level of transparency in the global Exploration and Production (E&P) space.
With applications to both the upstream and downstream verticals of the oil and gas sector, PetroBLOX will endeavor to assist and ease bottlenecks ranging from permitting, planning, procurement, to rig mobilization and de-mobilization, all the way through to end-product commodity trading.
Phase 1 development of PetroBLOX has begun and will include, among other things, refining project scope and modeling itemization, an environmental scan of the E&P industry status quo, PetroBLOX branding, and the completion of a Blockchain Whitepaper.