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When the price of crude oil is low, the high cost of upstream oil exploration and development coupled with downstream efficiency challenges forces most companies to reduce costs, almost to the point of sacrificing their future. We believe that a step change is needed in how chemicals and petroleum companies conduct business transactions. Blockchain is more than just a disruptive technology. It represents an opportunity for chemicals and petroleum companies to increase their profitability in today’s economic environment and well into the future. Permian has a deep understanding of the regulatory issues for chemicals and petroleum companies and what is required to move this next generation digital transformation forward. In the future, as blockchain-enabled business transactions become more sophisticated, business and industry networks could evolve into self-governing cognitive business networks and reduce the cost of payment transactions by an estimated 30 percent.2 Much more than a technology to automate business transactions, blockchains create a new model for trust by establishing transactional relationships between businesses via smart contracts, certifications and digital compliance. Permian is committed to developing blockchain solutions that are open, scalable and contain security features that are critically important to building business networks, such as the ability to register participants with proof of identity. Permian demonstrates this commitment by being a leading contributor to the Hyperledger Project - the Linux Foundation’s open source project that is developing the permissioned blockchain fabric that meets these needs and more. With the Permian Token we developed a solution to solve the working capital requirements of oil exploration & production companies and oil exploration and production economies, meanwhile democratizing the direct investment sector for the average investor.
The result, allowing seamless and transparent reporting of our world’s energy reserves and oil transactions under an immutable trust protocol (the blockchain). The PermianChain also solved theoretical and technological issues of oil exploration & production by allowing public and private sector to sell proven reserves yet to be produced via blockchain technology under a closed-loop-B2B-Exchange (the “PermianChain”). The PERMIAN Token Offering will launch 10 billion XPR tokens. It is our intention that at least 8.0 billion XPR will be sold during the Initial Token Offering (ITO) stages at $0.10 per token. Where we anticipate that 87.5% of the funds raised will go into oil campaigns and acreage with proven reserves. Whereas over 6% will be used to invest in continuous technology including blockchain and artificial intelligence for oil & gas exploration and production. Therefore, the total value of circulating XPR will eventually equal to the total value of Proven Reserves that are listed on the PermianChain.The XPR token offering will issue up to 8,000,000,000 ERC-20 tokens for investor contributions. Meanwhile, we will keep 1,000,000,000 tokens for treasury reserves to fund the community’s energy initiatives, mainly for geologists and oil & gas experts who have solid data and studies to work on.
The XPR tokens will be backed by Proven Reserves that are identified by the oil campaigns that the XPR will invest in from the funds raised during the Initial Token Offering (referred to as “Oil Campaigns”) and by the oil exploration and production companies that list their own Oil Campaigns and Proven Reserves on the PermianChain platform (referred to as “Platform Prospects”). PermianChain tokenizes Proven Reserves to support Permian Token (XPR) related assets and operations. XPR enables digital transfer of underlying assets value in the form of digitized value of oil under standard conditions. Thus, allowing the utilization of XPR's substantial physical and Proven Reserves as a means to facilitate commercial and consumer transactions around the world. As a reserve digital currency, we expect XPR will become a critical instrument for preservation of wealth and an ever expanding range of commercial and consumer activities using blockchain technology for digitized store of value.
Topic: Energy based blockchain projects (Read 69 times)
Hello guys, I want to start my favorite one: PERMIAN Token.
Given the specialty nature of the chemicals and petroleum industry, there will always be multiple suppliers throughout the supply chain. Today each supplier maintains their ledger in compliance with their policies and procedures. For that reason, most business transactions are inefficient, expensive and vulnerable.
Inefficiencies result from the duplication of a single contract by each participant in the supply chain. The time it takes for each participant to record and reconcile transactions can slow down the flow of capital and revenue recognition throughout the entire supply chain.
This duplication of effort, and the need for third-party validation of transactions, adds to the interaction and administrative cost of doing business. Additionally, the expense of an intermediary to resolve disputed transactions further increases interaction costs and also delays the reconciliation process of the other participants in the network.
In such a tightly woven network, the risk of any compromise in one participant’s system can affect every participant in the supply chain network. Incidents can include fraud, cyberattack or a simple mistake. This depletes trust, prevents automatic verification or authentication of assets, and increases costs even more.Through the use of smart contracts, we can now replace paper and complex agreements that are cumbersome, difficult to transfer and can be hard to track for the average person and even for sophisticated investors. Our solution for commodity investing (mainly in oil) would be to switch to a digital system along the lines of Ethereum, but linked to an asset.
This solution is the PERMIAN Token (XPR). Imagine a vault of oil barrels. The oil barrels are owned by "Oil-owner Inc." and the vault is owned by "Vault Inc." Vault Inc. has a spectacular reputation and third-party auditors who verify the amount of oil barrels in its vault. Oil-owner Inc. could offer a digital oil token to the investors that represents ownership of the oil barrels and through a smart contract with Vault Inc. maintain a public off-chain registry that relates fractional interest in the oil with the tokens. For every token sold, Oil-owner Inc. transfers ownership to Vault Inc., who holds it on behalf of the token owner. Vault Inc. guarantees redemption of the value price of oil barrels by anyone who can prove ownership through a digital signature. Oil-owner Inc. can take advantage of the fact that Vault Inc. is trusted (and audited). Owners of the tokens rely on Vault Inc.'s representations and not on Oil-owner Inc. (even though Oil-owner Inc. is the token issuer).
One of the main advantages would be that buyers of the tokens could know that they are the only person who has received the token, whereas a buyer of a paper certificate has no way of knowing that the same certificate hasn't been sold to multiple people.The PermianChain is the B2B-closed-loop-exchange for oil suppliers and oil buyers & traders.
The PermianChain will allow exchange of proven reserves via smart contract functionality under a crypto-economic model running on blockchain technology. The PermianChain technology and its built-in user-interface is being developed as a blockchainas- a-service for oil companies to utilize the economic-value of proven oil supply via blockchain technology. This blockchain-as-a-service technology allows oil exploration and production companies (Platform Prospects) and countries to monetize proven reserves that are yet to be produced. This will strengthen the industry’s reliability and improve business models of oil & gas companies.
Given the specialty nature of the chemicals and petroleum industry, there will always be multiple suppliers throughout the supply chain. Today each supplier maintains their ledger in compliance with their policies and procedures. For that reason, most business transactions are inefficient, expensive and vulnerable.
Inefficiencies result from the duplication of a single contract by each participant in the supply chain. The time it takes for each participant to record and reconcile transactions can slow down the flow of capital and revenue recognition throughout the entire supply chain.
This duplication of effort, and the need for third-party validation of transactions, adds to the interaction and administrative cost of doing business. Additionally, the expense of an intermediary to resolve disputed transactions further increases interaction costs and also delays the reconciliation process of the other participants in the network.
In such a tightly woven network, the risk of any compromise in one participant’s system can affect every participant in the supply chain network. Incidents can include fraud, cyberattack or a simple mistake. This depletes trust, prevents automatic verification or authentication of assets, and increases costs even more.Through the use of smart contracts, we can now replace paper and complex agreements that are cumbersome, difficult to transfer and can be hard to track for the average person and even for sophisticated investors. Our solution for commodity investing (mainly in oil) would be to switch to a digital system along the lines of Ethereum, but linked to an asset.
This solution is the PERMIAN Token (XPR). Imagine a vault of oil barrels. The oil barrels are owned by "Oil-owner Inc." and the vault is owned by "Vault Inc." Vault Inc. has a spectacular reputation and third-party auditors who verify the amount of oil barrels in its vault. Oil-owner Inc. could offer a digital oil token to the investors that represents ownership of the oil barrels and through a smart contract with Vault Inc. maintain a public off-chain registry that relates fractional interest in the oil with the tokens. For every token sold, Oil-owner Inc. transfers ownership to Vault Inc., who holds it on behalf of the token owner. Vault Inc. guarantees redemption of the value price of oil barrels by anyone who can prove ownership through a digital signature. Oil-owner Inc. can take advantage of the fact that Vault Inc. is trusted (and audited). Owners of the tokens rely on Vault Inc.'s representations and not on Oil-owner Inc. (even though Oil-owner Inc. is the token issuer).
One of the main advantages would be that buyers of the tokens could know that they are the only person who has received the token, whereas a buyer of a paper certificate has no way of knowing that the same certificate hasn't been sold to multiple people.The PermianChain is the B2B-closed-loop-exchange for oil suppliers and oil buyers & traders.
The PermianChain will allow exchange of proven reserves via smart contract functionality under a crypto-economic model running on blockchain technology. The PermianChain technology and its built-in user-interface is being developed as a blockchainas- a-service for oil companies to utilize the economic-value of proven oil supply via blockchain technology. This blockchain-as-a-service technology allows oil exploration and production companies (Platform Prospects) and countries to monetize proven reserves that are yet to be produced. This will strengthen the industry’s reliability and improve business models of oil & gas companies.
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