Petroleum for all!
BITUGENE — Decentralizing the Petroleum Trading Industry
The Petroleum Industry market
Petroleum is perhaps the most important liquid in the world besides water. Our modern and mechanized society put it to many uses in in the form of gasoline, oil, diesel, tar, etc. The IEA Oil Market Report forecasted that as of early 2015, the average demand for the year is more than 93 million barrels of oil and liquid fuels per day worldwide. That is more than 34 billion barrels a year with January 2015 production totaling just over 94 million barrels per day.
Petroleum has also played an important role in the social, economic, and political history of the world. Most of the modern energy crisis coincided with increased social usage of petroleum as well as political turmoil in major exporting countries. Because of the dependency of humans for petroleum, it is not surprising that distribution of petroleum products is controlled by big organization and oil producing countries. This makes it hard for small companies and business to trade petroleum products which can make access to people easier.
The Bitugene Project
But in the coming years this will change as the Bitugene project will be launch. The Bitugene Project is geared towards the design, analysis and implementation of a blockchain-based platform that will increase the flexibility, transparency and ease of doing business in the oil and gas industry. The Bitugene (TBP) tokens will be used for the purchase of petroleum and petroleum products on the blockchain. However, this does not rule out the use of fiat currencies, the only thing to note is that users will be given discount when they buy products from the blockchain using our tokens. For clarity, the project can be summarized in four main points, namely:
- It will help in connecting merchants (such as gasoline companies) and buyers in a decentralized manner, this will, of course, be connected to a system for monitoring;
- Increase scalability, flexibility and efficiency of petroleum and petroleum products in our society thereby reducing environmental damages;
- It will enable an autonomous, decentralized and smart marketplace where different petroleum products can be traded;
- Eliminates fraud, cyberattacks and data alteration.
The Project’s Objectives
The Bitugene Project aims to achieve the following:
- To help increase buyer’s array of choices by presenting them with a list of merchants within their geographical reach;
- Increase the level of trust regarding transaction by using shared processes and recordkeeping;
- Make transactions more efficient by lowering overhead and reducing the number of cost intermediaries;
- Will help to create secure and transparent transaction via smart contracts;
- Geared towards widening the visibility of merchants to potential customers and, will assist in marketing and distribution policies;
- Empowering small and medium-scale businesses;
- Educate the general public on environmental degradation;
- Digitization of petroleum and petroleum products;
The Project aims to widen our scope of operations in the oil and gas sector extensively. Flexibility and ease of service is one of our driving force as far as the project is concerned, the following applications that will be built throughout the cycle of the development are listed below.
- WALLET The TBP wallet amongst many other things is a software program that will help to store users’ public and private keys. The wallet will hold the TBP tokens and will be our official wallet. As with the case with all wallets, it can be used to check tokens, make transactions and sign transactions.
- MARKETPLACE The marketplace will allow merchants to list assets on the platform, manage their portfolios and subsequently, customers can purchase the listed assets. Firstly, the asset owner (merchant) must have been verified legally and arbitrary prices will be eliminated by means of appraisal. If verified successfully, the asset is listed on the platform. Potential buyers can take a view of the listed assets (i.e. details).
- BITUGENE DEBIT CARD As part of our focus to increase flexibility and ease of service, Bitugene will introduce a cryptocurrency card on the network. The card will be available and usable worldwide however, shipping costs may apply to some countries. Due to the increased adoption of cryptocurrency, the card will work in synergy with our exchange application to help in the conversion of any cryptocurrency to TBP tokens. The debit card will be able to store fiat currencies as well as widely adopted cryptocurrencies (including TBP tokens) and also, it can be used at any Bitugene Automated Teller Machine (ATM) worldwide.
- PETROLEUM AGGREGATOR The petroleum aggregator will help users to channel efforts to demands of petroleum products. Users will be able to choose from an array of petroleum products on the platform enabling reduction in overall costs, incentives will also be employed.
- BITUGENE EXCHANGE One of our aim is adding our quota to the overall blockchain and cryptocurrency usability and development. The Bitugene exchange will allow the buying and selling of cryptocurrency seamlessly. The wallet earlier mentioned will work in synergy with the exchange such that trading will be convenient. These two applications will allow instant funding of wallet using fiat currencies and subsequently, purchasing and trading cryptocurrency on the go. In addition, affiliate/referral programs will be integrated on our platform to help boost assets listed on the exchange. Partners can earn up to 22% of all transaction fees made by their downlines.
- BACK OFFICE The back office application means different things depending on the status of the user. For buyers, it shows their total asset value; for merchants it shows the total asset value of all listed products whereas, for appraisal units, it is used for KYC and appraisal purposes.
The Bitugene Project provides a platform where cheap, reliable and secure access to petroleum and petroleum products can be realized. Companies/Merchants and potential customers can carry out business peer to peer on the network thereby enhancing efficiency, productivity and eliminating time wastage, increased overhead costs, ambiguity and complexity. The project will be centered on existing applications (open-source) in order to ensure compatibility with already developed software(s) in the cryptocurrency market. Our platform is blockchain-based, this will help in widening the adoption of blockchain technology in every sector of business and most especially, in the oil and gas sector. This will ensure decentralization and distribution of units in the industry at large. The features of the project are:
- Peer to peer trading of petroleum assets
- Blockchain applications for exchange and conversion of cryptocurrencies
- Digitization of petroleum assets
- Building a decentralized infrastructure for the oil and gas industry at large
The platform will use the TBP tokens for exchange of value. The Bitcoin (only for the Main ICO) and the Ethereum blockchain will be used for the token generation event.
Bitcoin, Ethereum, Litecoin and early cryptocurrencies paved way for the creation and adoption of digital currencies. Although transactions are fast with these systems, they were not designed to process thousands of transactions per second as we may want them because they get overwhelmed. Consequently, the transaction fees would be high, this is one of the drawback of these currencies. The Ethereum network opened new opportunities in the world of blockchain as a whole but they suffer same fate as Bitcoin. Although, the blockchain system used by Steemit, Bitshares and Peerplays (i.e. Graphene) is fast, it will not be efficient and effective for the Bitugene Petroleum Platform in terms of aggregates, recognition and other resource intensive activities.
What’s in it for the Petroleum Industry?
The Bitugene Project is a blockchain driven application designed with flexibility, scalability and functionality in mind. Bitugene serves to create a platform where crude oil and other petroleum products can be traded securely. It gives potential customers and merchants the means to diversify and, the room for all and sundry to checkmate arbitrary prices. Despite the fact that Oil and Gas is a lucrative and delicate sector, it has not received commensurate exposure as other sectors hence the birth of the Bitugene Project.
To know more about the Bitugene Project and their Development team, visit the following link: