Pemex, the Mexican state-owned petroleum company and one of the world’s top petroleum producers, has announced that it will adopt and integrate of a blockchain technology platform to manage the supply chain of oil and gas.

The move came as Pemex joined the Petrobloq Global Blockchain Industry Consortium run by Petroteq Energy Inc., a company focused on the development and implementation of proprietary technologies for the energy industry.

With over 100,000 employees and extensive vertically integrated operations, Pemex already made headlines as the first petroleum company to accept cryptocurrency as a form of payment. Migrating its business processes to a blockchain platform is expected to be a major step in optimizing Pemex’s business processes from production to sale.

Petroteq’s subsidiary, PetroBLOQ, LLC, is seeking to develop the first supply chain management platform for the oil and gas industry based on advanced blockchain distributed ledger technology. Petroteq has entered into an agreement with Grupo Pelge, a Mexican corporation, and Pemex’s chosen international liaison, to represent Petroteq’s interests in Latin America. As a result, Pemex has invited Petroteq to register as a service provider, through the Pemex management portal run by Achilles Information, one of the world’s leading global supply chain management companies. Through the Achilles portal, which manages service providers for over a 100 major buyers and over 10,000 suppliers, PetroBLOQ aims to have the ability to offer Pemex and other companies in the oil and gas industry the use of a supply-chain system, once it is fully developed.

“We believe this new opportunity with Pemex serves as a testament to the success of our vision as we continue to make progress in our most recent venture, to develop and operate an enterprise-grade, blockchain-based platform,” said Alex Blyumkin, CEO and Chairman of Petroteq. “As part of our strategy to build advanced oil processing and refining facilities, we discovered inefficiencies and bottlenecks associated with the industry’s supply chain, and proposed blockchain solution is being designed to enable oil and gas companies globally to conduct transactions.”