https://www.youtube.com/watch?v=NgaGBR0XtbE
Canada-based PermianChain Technologies launches the blockchain technology ‘Permian Token’ aiming to oil and gas investments. Permian Token is a crypto-asset that supports holding rights to the value of proven reserve that is to be produced. XPR empowers digital transfer of underlying assets value in the form of digitized value of oil.
According to Permian, trading oil and gas is nowadays facing several barriers such as:
- complexity and slow procedures due to financial barriers to entry and prohibitive upfront costs;
- “radio silence” in case of problems that result to a lack of transparency between investors and companies;
- low incentives for a company to remain engaged;
- lack of liquidity because of long investment holding periods.
However, the ‘Permian Token’ aims to alter these disadvantages. To this result the system aspires to:
- Allow suppliers to purchase coins from within the suppliers’ closed-loop-B2B-exchange;
- Assist suppliers in controlling coin supply and monetize reserves & future supply;
- Benefit the buyers by purchasing and exchanging crude oil value through direct fulfillment from suppliers ;
- Give the community direct equity-like benefits ;
- Decentralize direct investments with a trust-protocol for stakeholders.
Until now, the PermianChain has established 250 million barrels of potential oil reserves on its platform.