Global supply chains in the oil and gas industry comprise a complex web of suppliers, shippers, and contractors. The complexity and scale of this network requires substantial administration and creates opportunities for errors. From the tax authorities’ and customers’ perspectives, there also is a concern that suppliers might manipulate invoice values, potentially avoiding taxes or inflating costs, as goods are sold and shipped around the world. Utilizing blockchain technology to record and manage the movement of goods and related invoices will significantly mitigate the risk of errors and the opportunity to alter invoice values or recipients. Goods will be tracked from source to customer, reducing time and costs, and providing insight into the supply chain process that could be used to create efficiencies. Invoices will be recorded in the blockchain, creating an immutable record of its contents. The movement of invoices also can be addressed in the blockchain using public and private keys, preventing unapproved parties from accessing the invoices. This again could help to reduce the administrative burden on companies to report transactions to authorities and reduce the time taken by tax authority audits because of the reliability and transparency of data in the blockchain. The issue of security in data transfer is important to both individuals and companies. Public and private keys allow data to be encrypted and sent to another party, so that only that party can access the encrypted data. In the case of an invoice, party A would encrypt the invoice using party B’s public key. Party B can then decrypt the invoice using its own private key. Anyone in the network 5 could see that party A has sent data to party B, but is unable to decrypt the contents. Additionally, party A can sign the invoice with its private key before sending, and any subsequent alteration of the invoice would invalidate the signature and the fraud would be apparent.
Imagine an oil company owning land that has proven reserves of 100 million barrels of oil equivalent (BOE). The oil barrels even though not yet produced could be tokenized by having ownership held by a company that has a standing offer to the public to redeem tokens for either a single barrel of oil or, if the redeemed tokens are less than a certain threshold, a fraction of the assessed value of the barrel of oil. Physical delivery of the oil barrels could be made at a certain location or shipped to a specified address. In this way, buyers could obtain an easy-to-transfer token and third-party markets could transact in fractions of the oil barrel price. This could potentially be a source of financing for the oil company and a way for the broader public to participate in the oil market. The Opportunity According to the Central Intelligence Agency’s website, there are 1.665 trillion barrels of oil recoverable globally. On the other hand, a report by BP suggested that we have 53 years of proven oil supply left. Just 53 years! This brings about an opportunity to work towards democratizing our world’s proven reserves. Meanwhile, monitoring and potentially preserving our world’s oil supply via blockchain technology under a crypto-economic model that also monetizes proven undeveloped oil supply. On the investment side, the Permian Token opportunity allows for direct equity crowdfunding participation by token contributors under a trust-protocol that allows them to benefit from oil supply that is proven to be available but not yet produced.
Permian launch the ICO for the purpose of bringing the Permian closer to the community, from which we can experience the technology that the Permian brings.You can register our stage 1 token sale on
https://www.permian.io/dashboard/register !! When you participate in the ICO, you will get many benefits from the project such as Affiliate commission.