Blockchain Technology Creates New Opportunities for Oil and Gas Industry

SourceDubai Chronicle
SectorTechnology
CountryGulf

Brox Equity, a private company registered in Alberta, Canada, is combining traditional energy and the emerging blockchain experience as a way to contribute to Canada’s economic recovery for the energy industry. The company is raising up to US$20 million through an innovative exempt digital security offering which will provide investors with diversified exposure to bitcoin, natural gas and electricity.

The offering is part of the Brox strategy of purchasing natural gas assets to generate low-cost, environmentally efficient electricity for its proprietary bitcoin mining farms. Brox uses 50% of the power capacity that is generated at its sites to mine bitcoin on its own account and offers the remaining 50% to independent or third-party Bitcoin mining companies.

This development opens new frontiers for the energy sector in the region whose economies depend primarily on the revenues from oil and gas and its associate industries.

Increasing the revenues while decreasing the CO2 and flaring, as well as stranded oil wells (GCC accounts for 5% of flared gas globally according to World Bank report), is a priority for GCC governments in

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