Blockchain has the potential to generate substantial benefits for companies in the chemicals and petroleum industry.  Blockchain solutions create an opportunity to become more productive now and derive even greater benefits with the imminent increase in adoption.
Blockchain technologies enable faster, permissioned, immutable, transparent and auditable business-to-business transactions among participants in the network and their suppliers, distributors and partners. Chemicals and petroleum industry executives need to understand how best to extract value from blockchain technologies and develop an adoption strategy. Blockchain adoption across the chemicals and petroleum industry and strategic ecosystem suppliers has the potential to transform how companies work across operations on a global industry scale, delivering meaningful value for every participant in the supply chain network.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.