IBM has partnered with the Abu Dhabi National Oil Company (ADNOC) to launch a pilot blockchain supply chain system. ADNOC is United Arab Emirates’ (UAE) national oil company and a global energy leader among oil producers churning out approximately 3 million barrels each day.
The program aims to overhaul the oil supply chain creating a blockchain-based, more secure platform. The new system will allow for smoother, automated transactions and third-party-less validation for each stage of the chain.
According to the ADNOC press release:
” Using Blockchain technology will reduce the time it takes to execute transactions between ADNOC’s 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.”
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This announcement comes on the heels of VAKT’s blockchain-based oil processing tool now available to industry giants like BP, Shell, and
The oil supply chain revolution doesn’t stop here, ADNOC’s press release describes the future of oil and its success resting in integrating, “other advanced technologies, including Artificial Intelligence, across its business to enhance operational efficiency, drive profitability and unlock new value from oil and gas resources to seize the opportunities created by Oil and Gas 4.0.”