-- Beyond Oil Launches Smart Contract Driven Eco-Friendly Oil Production. The company’s new report covers a current opportunity for environmental change using blockchain technology and cryptocurrencies. The article focuses on methods of using tax incentives, cryptocurrency, and green energy to create a significant social impact.
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The latest release specifies a method for limiting carbon dioxide production while producing useful energy in a profitable manner. The described method relies on re-purposing existing orphaned oil wells through a crowd-controlled cryptocurrency operation.
Current estimates suggest that there are more than 3.2 million orphaned or abandoned oil wells in the United States. These wells are known to be hazardous to the environment, and often leak methane, a potent greenhouse gas. The “liquid crypto gold” project found in the report suggests a solution that may be beneficial to both the investors and the environment.
The plan in place at present for dealing with orphan wells is primarily to clean, seal, and ignore them. This method is expected to cost more than $500 billion federally, as well as significant amounts from each individual state. The team at Digital Exponentials believes that they can save the taxpayers’ money while also providing a better solution.
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Unprofitable wells are regularly abandoned once they become economically infeasible. The cost to repair or replace equipment can easily become too high to justify further investment from the oil companies, resulting in the projects being orphaned. Many of these wells could become profitable again with small investments in improved technology that has recently become available.
The report defines a number of ways that this can be accomplished, such as the installation of eco-friendly, solar-powered, hyper-efficient pumps. Using technology that’s significantly more efficient than the outdated methods used when the wells were abandoned, the project aims to revitalize these discarded wells to provide oil while greatly reducing carbon emissions.
While governments and oil companies are not currently working on this project, the team at Digital Exponentials believes that people from around the globe can accomplish it without them. Using a blockchain platform, the program allows for citizen investors to aid in the acquisition and installation of hyper-efficient pumping systems, and to receive dividends from the “Oil For Profits”.
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Disclaimer: The information provided on this page does not constitute investment advice, financial advice, trading advice, or any other sort of advice and it should not be treated as such. This content is the opinion of a third party and this site does not recommend that any specific cryptocurrency should be bought, sold, or held, or that any crypto investment should be made. The Crypto market is high risk, with high-risk and unproven projects. Readers should do their own research and consult a professional financial advisor before making any investment decisions.
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