Using Blockchain Technology to Increase Transparency in the Cannabis and Oil and Gas Industries
This profile is part of a paid investor education campaign.*
Blox Labs Inc. (CSE:BLOX,FWB:BR1B) is a technology development company focused on creating best-in-class solutions using blockchain, smart contracts and decentralized application technologies. Blox Labs offers end-to-end solutions in a blockchain as a service (BaaS) model for their clients and ensures that their products are integrated seamlessly from proof of concept through execution and beyond. The company is working on two projects that will be addressing transparency challenges faced by the legalized cannabis market and the oil and gas industry.
CannaBLOX is a blockchain technology that is being developed by Blox Labs and Liberty Leaf Holdings Ltd. (CSE:LIB). The tool is being designed in response to a report submitted to British Columbia’s provincial government by IBM (NYSE:IBM) in 2017 regarding the upcoming cannabis legalization. The report addressed concerns regarding transparency within the seed-to-sale process and suggested that blockchain technology would be the ideal solution to address these concerns.
The platform gives producers and growers the ability to register and manage their unique strains with the assurance that the information is safe and unalterable. CannaBLOX also provides full visibility of testing results for producers, government regulators and consumers. Blox Labs is looking for cooperative opportunities with Canadian cannabis companies as they further the build-out the test phase for CannaBLOX.
PetroBLOX is a blockchain-based application being developed by Blox Labs and Sonoro Energy Ltd. (TSXV:SNV) for the oil and gas industry. The PetroBLOX platform is in the early stages of its development, but Blox Labs is ensuring that the platform streamlines the industry’s upstream and downstream processes and expedites the permitting process, while providing transparency to the market.
Understanding the importance of knowing one’s target consumer base, Blox Lab’s management team consists of industry leaders and experts from the tech, mining, entertainment and finance supply chain industries. The management team has also developed a strong network of resources and contacts across target industries.
- Developing solutions that promote transparency in cannabis and oil and gas industries.
- CannaBLOX beta and build out testing is underway.
- PetroBLOX platform is in early stage development.
- Employees provided with training and additional learning opportunities to remain up-to-date with the latest technology trends.
- Experienced management team with diverse industry knowledge.
In November 2017, IBM submitted a proposal to the British Columbian government that suggested the use of blockchain technology to help ease logistical bottlenecks, ensure product safety and quality of supply, minimize fraud and potential criminal activity and assist with taxation and regulatory compliance for the legalized seed-to-sale recreational cannabis industry.
In December 2017, Blox Labs and Liberty Leaf announced that they had formed a partnership with the intent of developing a blockchain-based smart contracts ledger for supply chain management in the legalized cannabis market. Together, they are developing CannaBLOX a software that is being designed with the intention of addressing the concerns that were outlined in IBM’s proposal.
The CannaBLOX platform will help government and regulatory bodies ensure that standards are being adhered to. The platform will be beneficial to cannabis companies as well. CannaBLOX gives producers and growers the ability to register and manage their unique strains with the assurance that the information will not be altered while also allowing manufacturers and retailers to access a range of companies and services to develiver to and pull product from. Additionally, CannaBLOX provides full visibility of testing results for producers, government regulators and consumers.
The first stage of the project focused on the itemization of administration panels, mobile applications and e-commerce architecture using Ethereum’s smart contract platform. This allows the program to capture the entire cannabis supply chain from cultivation and processing to the manufacturing and distribution processes. The completion of the administration panel framework is integral in managing all product categories and partners while the mobile application architecture enables the e-commerce platform to be used for both recreational and controlled distribution.
Recently, Blox Labs announced the successful build-out and testing of the mobile application portion of the CannaBLOX project. The mobile application is compatible with Android and iOS systems and allows users to access the CannaBLOX ecosystem where they can perform a number of different key actions. For example, the app can help cultivation companies track the number of seeds they’ve planted, show the progress of the seed’s growth and count the yield from that crop.
There is an expected 65 percent increase of costs expected by 2030 due to new regulations being introduced in the oil and gas industry, which has led to oil and gas companies to find ways to provide transparency and meet regulatory requirements in a cost-effective manner. In June 2018, Blox Labs entered into a partnership with Sonoro Energy to develop a blockchain application for supply chain management in the oil and gas industry that will address the new regulations.
The aim of PetroBLOX is to enable and enhance workflow, maximize project management efficiency and increase the transparency when exploring for and producing oil and gas. The platform will be able to ease the pain points and bottleneck problems for the company’s upstream and downstream processes.
The upstream application of the PetroBLOX platform will have a built in consensus verification protocol which will link all aspects of rig mobilization and demobilization with ethereum technology. Additionally, the platform will offer a distributed ledger outline which will provide real-time information relating to drilling operations and with the potential to expedite the permitting process. Finally, the platform will also help companies with their workflow process optimization, consensus verification, provide real time supply chain management, ensure safety and regulatory protocols are being followed, help with site preparation, permitting, rig mobilization and demobilization and regulatory reporting.
PetroBLOX can ease the downstream pain points and bottlenecks oil and gas companies have in commodity trading. The platform will achieve this with authentication control confirmation, financial transaction transparency, provenance and quality verification.
Currently, the project is in Phase 1 of its development, which includes the refinement of the project’s scope and model itemization as well as an environmental scan of the industry’s status quo and the completion of a blockchain whitepaper. Phase 1 development work in partnership with Sonoro Energy will also focus on the creation of a Blockchain module pertaining to “Procurement, Tendering and Contracts,” a key aspect of the oil and gas ecosystem. Contracts in the international oil and gas industry require a transparent, competitive tendering process for acquiring materials, equipment and services. Otherwise, companies are at risk of increasing their costs or facing penalties. Blox Labs envisions that the PetroBLOX tool would be a transparent and auditable tool that could streamline the procurement process for all those involved.
“Sonoro Energy is providing invaluable input and insight into the real world issues that plague oil companies as they operate in complex and dynamic domains,” stated Jeff Zanini, President and CEO of BLOX. “This knowledge will greatly assist in the software build-out of PetroBLOX as we aim to enhance transparency and ultimately benefit the supply chain flow in order to increase efficiencies in an industry which is largely still reliant on manual processes. The development of a Procurement module will be a key piece to this overall puzzle.”
Jeff Zanini — President, CEO & Director
Jeff Zanini is an accomplished Senior Executive Leader in Canada’s Logistics sector for more than 25 years and successfully led companies to sustainable change. Astute in all aspects of supply chain, his operational expertise combined with forming and leading great teams is the key formula for success.
Sean Mcgrath — CFO
Sean McGrath is a Chartered Professional Accountant (CPA and CGA) who has spent the last 20 years providing financial management and consulting services to publicly traded companies in Canada. Sean has experience and worked in the Canadian energy, technology and mining sectors.
Peter Karroll — Director
Peter Karroll has an incredible ability to motivate, energize and capitalize on opportunities. He has a 25-year track record of achievement in leadership roles with numerous companies. Karroll is the founder of an integrated entertainment group that includes a music label and artist management for recording artists.
Thomas Clarke — Director
Thomas Clarke is an entrepreneur and professional geologist with extensive capital markets experience, having held various directorships with public companies over the past eight years. In his career, Tom has worked on projects in Africa, Canada, Russia and South America. He is also a Director at Cannabix Technologies.
Jerry Habuda — Director
Jerry Habuda enjoyed a long and distinguished career with the Toronto Police Department and has over 35 years of experience in law enforcement and specialized units. He also serves on the Board of Directors at PUF Ventures, a growth oriented and diversified company focused on the global cannabis industry.
*Disclaimer: The profile provides information which was sourced and approved by Blox Labs in order to help investors learn more about the company. Blox Labs is a client of the Investing News Network (INN). The company’s campaign fees pay for INN to create and update this profile page, to which links are placed on Investingnews.com and channel newsletters.
The company description, investment highlights and catalysts were sourced by INN and approved by the company. INN does not guarantee the accuracy or thoroughness of the information contained on this page.
INN does not provide investment advice and the information on Investingnews.com profile should not be considered a recommendation to buy or sell any security.
INN does not endorse or recommend the business, products, services or securities of any company profiled.
Readers should conduct their own research for all information publicly available concerning the company.