The new deal will see Power Team use Wellsite technologies to serve their customers better and efficiently including by reducing transaction costs. Co-founder of Power Team also joins the advisory team for the Crudecoin project.
Power Team will use Wellsite’s distributed blockchain technologies to offer new ways to energy companies. And also to manage their operations and to improve on speed, trust, and cost among companies. This follows the signing of an agreement between the two.
The blockchain allows companies in the oil and gas industry to confidently execute contracts, efficiently, and transact at a lower cost.
Co-Founder and Chairman of Power Team Khulgan Al-Barry and Wellsite Chief Executive Officer Chris Ely signed the deal.
“The government of Saudi Arabia has placed emphasis on promoting further a strategic initiative for its Industry 4.0 initiative. However, which is focusing on automation and data exchange in manufacturing technologies, automation, digitization, and cyber security”. Al-Barry said.
He will join the advisory board to support the Crudecoin blockchain project. His company is based in Saudi Arabia and provides oil and gas equipment, logistics support, security equipment and monitoring services, fire and rescue services, and information and communications technology.
The new deal will help transform how the oil and gas industry operates, according to Ely.
Wellsite provides tools and technologies such as AI and blockchain for companies in the upstream oil and gas industry.
Crypto for oil and gas industry
Crudecoin project, as the name suggests, is world’s first blockchain marketplace for oilfield services. The blockchain uses the Crudecoin cryptocurrency that is ERC-20 compliant.
Therefore, it could serve as an entry into blockchain and crypto for companies in the oil industry because it is customized for that. The project’s ICO started on March 26 and ends on April 26 or when the hard cap is reached if before the date.
Will Crudecoin be revolutionary for the oil and gas industry? Share with us on Twitter and Telegram.
Image Source: Crudecoin Blockchain Deal