Abu Dhabi National Oil Company and IBM hail new Blockchain system
- 1 month ago
The Abu Dhabi National Oil Company (ADNOC) has successfully partnered with IBM to test a blockchain supply chain system, the project “provided a single platform that tracks the quantities and financial values of each bilateral transaction” according to a report released by ADNOC, one of the world’s leading energy and petrochemical groups.
The system was announced at the World energy Capital Assembly in London by the company’s Digital Unit Manager, Abdul Nasser Al Mughairbi.
“Blockchain is a game-changer. It will substantially reduce our operating costs by eliminating time-consuming and labor-intensive processes, strengthen the marketing and trading of our products, and create long-term sustainable value.”
Also noting that “this could be the first application of blockchain in oil and gas production.”
A press release also added that ADNOC looks forward to an enhanced service to its customers, “The system will reduce the time it takes to execute transactions between its operating companies and significantly increase operational efficiencies across its full value chain. It will also improve the reliability of production data by enabling greater transparency in transactions.”
Meanwhile IBM representative Zahid Habib stated that the same system, “enables the ability to track irrefutably, every molecule of oil, and its value, from well to customer.”
Source: Smart Trend Team