Cryptocurrency is a digital form of currency using cryptography for security. Bitcoin is the most famous name heard in cryptocurrency, and was a digital coin founded over 10 years ago. Since then, cryptocurrency has become mainstream, especially a few years ago where trade went public.
Advantages to cryptocurrency that highlight its value include:
- Decentralization. No government or country controls any cryptocurrency.
- It's also a great way to do cross-border transactions.
- Cryptocurrency is more secure because it uses cryptography. And because it runs transactions on decentralized computers around the world, security has become even tighter as it has grown.
- The Blockchain is also secure because it's distributed in a public ledger—no one entity has control over it.
Oil and gas have always challenged technology. And now, technology is challenging back.
Cryptocurrency mining and the processing of transactions all takes energy. Cryptography has its cost, without a doubt. Every one Bitcoin "mined" has a cost in the energy spent to get it, not to mention the hardware and infrastructure used. People invest a lot into the systems that generate cryptocurrency.
EZ Blockchain, however, is working to move the needle using AI in oil and gas to make mining more conscientious while still supporting growth of the Blockchain. We’re working with real oil and gas companies, and with real results.
Specifically, EZ Blockchain is turning wasted energy into usable energy.
This is the hidden revenue stream in well gas:
When companies drill for oil, natural gas is the naturally-release byproduct of the process. However, oil companies don’t have the infrastructure to transport that natural gas to plants where it can be processed into energy. Instead, it’s “flared” (burned) into the atmosphere. The energy is wasted and the environment suffers the price.
Now, EZ Blockchain is coming in with our unique mobile data centers to hook up directly to the natural gas stored at drilling sites. We use generators to turn that gas into energy, and we use that energy to mine cryptocurrency. EZ Blockchain is taking what would have been wasted energy and turning it into low-cost energy for Blockchain mining. No new infrastructure is required.
With this groundbreaking model, cryptocurrency wins. Local oil fields win. The environment wins. Now, people are starting to realize the full impact of this solution. And the more mobile data centers EZ Blockchain sets up at oil fields, the better our technology gets as we scale.
You could call it the icing on the cake that the connection needed to process cryptocurrency “hashes” at these mobile sites doesn’t require more than an LTE or 4G data connection. These new mobile data centers truly put “mobile” to the test, and have out-performed our expectations every time.
Listen to the full interview for more details and insights from the Oil and Gas Tech Podcast.