The beginning of the PermianChain journey to revolutionize the future of oil via blockchain…
The Permian Token (PMN) establishes an open, secure, and transparent direct crowdfunding ecosystem for oil companies around the world. By utilizing the economic value of oil supply via Blockchain we can monetize Proven Undeveloped Oil reserves, to create early additional revenue to suppliers without changing any of their business operations. The underlying technology of PMN will allow oil buyers to secure discounted prices meanwhile preserving our world’s oil reserves to only produce on an as-needed-basis.
The PermianChain (Oil Blockchain Technology project) was founded by Mohamed El-Masri and his partners in late 2017. “The name, Permian, originated from the continuous discovery about the Permian Era which caused a mass extinction event; when most of today’s oil and gas originated due to the fossilized remains of the mass animal and flora predation of that period”.
We’re now in the midst of another quiet revolution: Blockchain, a distributed database that maintains a continuously growing list of ordered records, called ‘blocks’.
“The power of Blockchain technology takes our worldly reality into a new realm that allows for transparency, proof of ownership, trust, immutability and high-speed transactions allowing for a faster world, all on a decentralized/centralized virtual ledger that is called the Blockchain. There is no possible way to manipulate the data of record once a transaction is registered on the blockchain”.
The PermianChain technology will create a blockchain for oil & gas suppliers that allows them to sell and fulfill orders that have yet to be produced.
“The Permian-Chain would facilitate for the most secure and most dynamic solutions for oil suppliers. By creating a blockchain solution, buyers can easily purchase our PMN coins from within the suppliers’ closed loop exchange allowing for a stable and increasing coin price. Meanwhile, Suppliers can easily control coin supply based on proven oil reserves”.
According to BP’s annual statistical review of world energy in 2014 the report had mentioned that the world has only 53.3 years of oil left at the current rate of production. Just 53 years!
“We must remember, that Oil could potentially be a finite resource and we could potentially run out of it, this issue is the underlying reason for the PermianChain’s direction to preserve our oil reserves by allowing the industry to control oil production. The best way to do this is to monetize these reserves so that oil companies around the world can stay in business, meanwhile generating revenue without producing oil, to then potentially cover working capital and invest in alternative energy that is sustainable…”