BRI welcomes PermianChain as newest Pioneer member

Source: press release, 7 August 2019

illustration: Blockchain Research Institute
illustration: Blockchain Research Institute

The Blockchain Research Institute has announced its newest “Pioneer” member, a membership category reserved for new companies that are revolutionising their industries with innovative blockchain strategies.

PermianChain, a Toronto-based blockchain company that is enabling the tokenisation of oil and gas reserves, joins nearly 80 other BRI member companies, working together to enhance understanding of the blockchain and accelerate blockchain adoption in the enterprise.

“The energy sector is ripe for disruption in this second era of the internet,” says Don Tapscott, BRI co-founder and executive chairman. “We’re always pleased to introduce companies like Permian, working at the forefront of that disruption, to our growing collaborative ecosystem.”

Investors have often been priced out of the oil and gas sector by extensive bureaucracy and complicated broker relationships. Through its Abu Dhabi-based affiliate (Permian Holding), PermianChain uses blockchain to tokenise hydrocarbon reserves. This is designed to enhance sector financing by placing a value on proven reserves, making it possible for a wider range of investors to participate in the oil and gas sector.

“The Blockchain Research Institute’s foundation is our research, but we’re also focused on serving as a greenhouse for innovation,” says Tapscott. “Pioneers like PermianChain are a crucial part of the collaborative culture we’re building.”

“The blockchain economy is nearing the end of its trough and the market is setting itself for long-term growth as blockchain applications are being released at a more enterprise level,” says Mohamed El-Masri, founder and CEO of PermianChain. “PermianChain’s involvement with the Blockchain Research Institute (BRI) is a sign of our commitment to continued enterprise level research & development in this space.”

“We plan to compliment the oil and gas industry with an exceptionally innovative business-model enabler that allows for the complete digitisation of oilfields on the blockchain, from investments to powering oil and gas data centres with efficient natural gas.”