It isn’t difficult to find technology development companies that are interested in diving into the world of blockchain technology, but BLOX Labs Inc. (OTCMKTS:BLLXF) (CSE:BLOX) (Frankfurt: BR1B) is one of the few that is poised to actually make its mark in the industry. With two major blockchain software solutions in the pipeline, including PetroBLOX and CannaBLOX, BLOX Labs Inc. is well positioned to be first to market with a collection of blockchain driven platforms that will fill the demands of very specific niches in the energy and recreational cannabis industries. Below is an example of the kind of news that this force in the blockchain revolution is making right now.
Learn more at www.bloxlabs.ca
BLOX Secures Funding to Develop Blockchain Driven Supply Chain Management Platforms for the Legal Cannabis and Oil and Gas Industries
June 20th, 2018 – BLOX (CSE: BLOX) took an important step this week towards the completion of two cutting-edge blockchain technologies. The Toronto based technology company secured $1,111,650 in non-brokered private placement financing and intends to use the funds in order to continue the development of their CannaBLOX and PetroBLOX projects. Through the use of blockchain driven best in class software solutions, smart contracts, and decentralized applications, each of these endeavours stand to significantly improve the logistical efficiency, product authenticity, and overall profitability within two of Canada’s most important industries.
Current BLOX Projects
CannaBLOX is a blockchain driven supply chain management platform specifically intended for use in the legalized cannabis industry. With legality quickly becoming a reality in many places such as Canada, where Bill C-45, the cannabis legalization bill, has just passed Senate approval, local and federal governments are actively seeking ways in which they can guarantee the quality, safety, and provenance of cannabis products. The B.C. provincial government has even gone as far as to request public feedback on just what type of system should be employed in order to achieve these goals. IBM has been among the entities kind enough to respond. They recommended the use of blockchain technology.
Once completed, the transparency and decentralized nature of the CannaBLOX blockchain platform will ensure that the records of cannabis-related products, transactions, and logistics are stored in a medium that is both entirely visible and indisputable. This means that everyone involved in the process, from growers to retailers, to government regulators, will be able to use CannaBLOX as a vehicle for easily and confidently tracing the origins and transactional movements of any unit of cannabis product.
Along with securing the transparency and authenticity of the cannabis-related records, CannaBLOX will also aim to ease logistical bottlenecks and automate regulatory compliance through the addition of best in class smart contracts. According to a recent press release, the first phase of development on CannaBLOX is nearly complete as itemization of elements such as the administration panels, mobile applications, e-commerce architecture, process manufacturing, and distribution/POS protocols approach finality.
PetroBLOX is also a blockchain driven supply chain management platform, however, it is intended for use in the oil and gas industry. The platform is being developed in partnership with Sonoro Energy Ltd. (TSXV: SNV) (Frankfurt: FDZN) (OTC: SNVFF), and the goal of PetroBLOX is three-fold. Once deployed, the platform will enable and enhance workflow, maximize project management efficiency, and increase the level of transparency in
the global exploration and production space.
The oil and gas industry is notoriously burdened by excessive capital costs and logistical difficulties. These costs have been coming down in recent years with the introduction of new technologies, but much of the industry still operates in an outdated manner. Intermediaries are needed to broker contracts, regulatory requirements and complex project plans complicate the flow of money and materials, and slow timelines are often damaging to profit margins. The best in class smart contracts deployed within the PetroBLOX platform will eliminate the need for intermediaries, reduce the workload needed to manage permit and planning details, and allow companies to complete contracts without undue delay. Most importantly, the platform will operate as a decentralized application, ensuring both the transparency and legitimacy of any recorded transactions.
According to a recent press release, phase one of product development has already begun on PetroBLOX. Work within this phase will include, among other things, the refinement of project scope, the completion of a blockchain Whitepaper, as well as the branding of the platform itself. Once the final phase of work is completed, the platform will have the ability to assist in both upstream and downstream verticals in the oil and gas industry and facilitate with anything from rig mobilization and demobilization to end-product commodity trading.
Statements from BLOX CEO
“With the successful completion of our financing we are well capitalized to execute on our business plan as we embark on the next phase of growth for Blox Labs,” stated Jeff Zanini, President & CEO. He continued, “Further, the various recent additions to both the management team and board of directors provides bench strength and specific growth-oriented corporate experience that will greatly assist in achieving our stated goals and objectives. This added expertise and manpower will benefit the Company as we not only continue development of our existing blockchain projects but also actively target additional partnerships and value enhancing projects for our stakeholders. We thank our shareholders for their continued support and patience and look forward to providing further updates as we make headway on our various corporate development initiatives.”
About Blox Labs
Blox Labs Inc. is a technology development company focused on creating best-in-class software solutions driven by emerging trends in Blockchain, Smart Contracts and Decentralized Applications. BLOX is helping customers with solutions for business problems from proofs of concept through execution. The Company is currently piloting blockchain solutions for supply chain management and improvement as well as other areas. BLOX is actively targeting partnerships and strategic acquisitions of growth companies.