Houston, TX, USA – Bloc Energy LLC, a Texas Limited Liability Company, formed in 2017 that specializes in the global petroleum assets and downstream product markets & industries, combined with a focus on a revolutionary new business model placing those high revenue producing conventional assets with the universal efficiencies and strength of blockchain and smart contract technologies.
BlocEnergy customer Saker Trading will begin a fuel transaction with a Major US refinery. We will be tracking and beta testing their first smart contracts along side real time fuel trades in August. Bloc will be directly involved with the trade from a technology and financial standpoints. They will be paralleling the actual real time trade with their initial smart contracts to analyze all aspects of the trade, transactions and logistics. This will track and trace the transaction and will allow them to absorb streams of information, data, pricing and logistics details that will begin to create the trading smart contracts and blockchain for their platform.
The partnership brings bloc both the technology side of the transaction as well as the financial functions and income to the company. It involved new year long contracts that will commence in August 2019 Q2. Bloc’s business model is to utilize its own business to organically create real time blockchain contracts that will then be created and built, and in place for their platform clients and global magnitudes of business.
Trade #1: will entail a contract term of 1 year with R/E for 120,000 barrels per month of ULSD (Ultra- Light Sulphur Diesel). Monthly gross transaction amounts are estimated to be around $10,000,000 million U.S. dollars per month.
Trade #2: will be for a term of 2 years with R/E for 180,000 barrels per month of Marine Diesel. Monthly gross transaction amounts are estimated to be around $11,500,000 million U.S. dollars per month.
Bloc is quoted as saying: “Our ability to engage in our real time business and create our technology at the same time will enable us to develop our smart contracts at much faster timeline. Our ability to absorb real time transactional details and information will create a market capable contract, blockchain and platform in half the time of typical beta testing processes that are typically employed. It will also derive a solid revenue stream to Bloc’s bottom line.”