Understanding land provenance and reported value can be difficult and multiple records of conflicting ownership and value can exist within independent silos of data. There is often no accurate history of the transactions. In this mostly paper-based environment, land transactions are highly susceptible to fraud, especially in countries with higher levels of corruption.  Blockchain technology can be employed to resolve this problem and is being trialed in certain countries, such as Georgia and Ghana, which experience high levels of undocumented land ownership and land seizures. Applying the same model to the oil and gas industry by recording sales and transfers of land in a blockchain will create an immutable audit trail of land movement, value, and ownership. This will reduce the occurrence of lost or mismatching titles, ownership disputes, and provide tax authorities with transparency in respect of land transactions, recording accurate transfers of value as they occur in real time.

The potential uses of blockchain are wide and varied, and the technology is becoming more prevalent. In the oil and gas industry, like many others, companies may face the choice of deciding whether to pioneer new technologies and in the process disrupt their own business model and industry, or to continue to focus on their core business and wait for the market to be disrupted by others. The pace at which blockchain will be adopted and will disrupt markets is unclear, and may be decided, to some extent, by the largest companies that will need to work together to drive innovation and solutions due to the global and collaborative nature of blockchain. Potential considerations for oil and gas companies are to set up or join working groups to explore blockchain and its potential applications or to launch a trial with an existing trusted business partner to better understand blockchain and the value it could create.

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 as part of the oil campaigns that the XPR will invest in from the funds raised during the initial token offering of (referred to as “Oil Campaigns”) or as part of 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.