Alex Tapscott hails blockchain startup PermianChain as a digital asset revolution for natural resources

Alex Tapscott, author of Digital Asset Revolution and co-founder of the Blockchain Research Institute, hails Web3 and blockchain start-up, PermianChain for bringing the digital asset revolution to the natural resource sectors.

Chapter 7 is dedicated to how blockchain creates value through natural asset tokens (NATs), mainly in oil and natural gas. Mohamed El-Masri, Founder and CEO of PermianChain and CEO of Brox Equity, explains the mechanics behind energy tokenization within a blockchain-enabled ecosystem. 

El-Masri discusses how utilization of blockchain is changing the way exploration and production companies raise capital as well as how investors and consumers participate in a digital energy market with surplus or shortage. 

PermianChain’s solution is a digital platform combining a blockchain, decentralized cloud storage and Web3 compatible features that supports two forms of digital economics, one being a security token and the other being a utility token. Chapter 7 of Digital Asset Revolution also delves into how PermianChain introduces a digital midstream solution to powering bitcoin mining rigs through oil and gas operators. 

Tapscott states, “This is the kind of fresh thinking that this industry needs!”

Back in April 2020, reduced consumer demand caused oil futures to fall into negative territory, oil firms had to pay entities to take oil off their hands as temporary storage was exhausted. Additionally, increased political pressure and lack of commercial viability in some areas has caused natural gas assets and resources to be stranded or wasted (i.e., flared or vented), in both situations taking away economic benefit from communities while the latter is causing harm to the environment. On the flip side, current global energy demand is outstripping supply, causing marginal oil and gas fields to become commercially viable. Unfortunately, the lack of incentive for oil and gas firms to invest in stranded [or distressed] energy assets did not allow regional and global energy markets to make better use of such wasted resources, until now.    

“These challenges, while daunting, are the exact type that we can mitigate by using blockchain technology and proof of work infrastructure. We provide the gateway for the oil and gas sector to enter the world of DeFi, bitcoin and crypto markets by making contingent sources commercially recoverable. Making PermianChain the meta-grid for a digital energy economy, says El-Masri. 

PermianChain’s native token, the digital energy currency (DEC) and the first compliant natural asset security token (NAST), the BROX Token issued by Brox Equity, are live within the PermianChain ecosystem. 

For the first time ever, PermianChain will be showcasing an exclusive demo of its digital energy market and natural resources tokenization platform on the 9th of November 2022 at the Web3 & Blockchain World (W3B) in Toronto, Canada, co-hosted by the Blockchain Research Institute (BRI), a global independent blockchain think-tank, and MCI Group, the world’s largest engagement agency.