The Abu Dhabi National Oil Company (ADNOC) is in the latest blockchain news of our DC Forecasts crypto news site – this time for a successful collaboration with IBM in order to pilot a blockchain supply chain system.
As the official press release from ADNOC stated, the state-owned oil company in the United Arab Emirates (UAE) is reportedly among the world’s leading energy and petrochemical groups and has a daily output of about 3 million barrels of oil and 10.5 cubic feet of natural gas.
This pilot project, according to the release, has “provided a single platform that tracks the quantities and financial values of each bilateral transaction” between the involved companies, further automating their accounting processes.
The new system was officially presented at the recent World Energy Capital Assembly in London, where the Digital Unit Manager at ADNOC, Abdul Nasser, confidently said that it “could be the first application of blockchain in oil and gas production.”
As he stated:
“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.”
A representative from IBM also claimed the system’s ability to “track irrefutably, every molecule of oil from well to customer.”
“[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,” the press release concludes.
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