The Bitugene Projekt - for future trade in oil and petroleum products

vasul17 (25)in #cryptocurrency • 7 years ago

The Bitugene Project is a blockchain driven application designed with flexibility, scalability and functionality in mind. Bitugene serves to create a platform where petroleum 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.

BACKGROUND AND PROBLEM
While there are many challenges befuddling the oil and gas industry all over the world such as supply chain management, logistics, pricing etc., the Bitugene Project will, however, focus its attention on flexibility and ease of service. Undoubtedly, blockchain is a new force to reckon with in the financial sector within the past five years, several business models have been implemented on the blockchain.
One striking feature about blockchain is its decentralized nature, it tries to give people power over their finances by removing an intermediary. Some problems within the petroleum space that the Bitugene Project will address includes but not limited to:
• Delayed settlement in paying for petroleum products such as gasoline. This project, with the help of its tokens, will make payment almost instantaneous;
• Inefficiencies resulting from players in the supply chain such as the delay or duplication of contractual agreements;
• Single point of failure in the supply chain may occur due to a hack, fraud or mistake;
• Rigidity available in the current mode of operation;
• Expenses associated in times of dispute.

SOLUTIONS
In the light of the aforementioned problems, some of the key solutions have been highlighted below. Recently, the price of a barrel of crude oil has been at its lowest ebb and leveraging on the blockchain technology can help increase the profit of all and sundry in this industry. The solutions to be employed are listed below (not limited to these):
• Flexible and instantaneous settlements;
• Removal of an intermediary;
• Immutability;
• Increase in transaction visibility;
• Increase in trust between users;
• Reduce vulnerability;
• Increase efficiency and effectiveness;
• Ease of service

TECHNICAL OVERVIEW
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.

APPLICATIONS
Applications that will be built throughout the lifecycle of development on The Bitugene Project are listed below:
Wallet
Marketplace
Bitugene Debit Card
Baclkoffice
Petroleum Aggregator
Bitugene Exchange

SUMMARY
The Bitugene Project is the first blockchain project to beam its searchlight on petroleum and petroleum products. During the full-scale operation, the platform will help connect oil and gas companies with customers. This will, of course, increase the visibility of all petroleum products on the internet as assets and, flexibility and ease of service will be guaranteed.
Price prediction of TBP tokens as it hits the cryptocurrency exchange according to our experts is targeted at slightly over $2.23, reasons being “first of its kind”, the ICO price finished at $1 and the rate at which petroleum products are affecting our day-to-day living.