IBM Blockchain to run value chain of United Arab Emirates oil company

09 Dec, 2018 | Updated: 09 Dec, 2018
by Alberto Arnaldo
News
IBM Blockchain to run value chain of United Arab Emirates oil company

Blockchain technology will have its first incursion into oil and gas production accounting, according to the announcement released today by the Abu Dhabi National Oil Company (ADNOC).

The system will integrate oil and gas production across the full value chain, providing a secure tracking, validating and transaction execution platform. It will be applied to all stages of the process, from production to the end customer. 

The announcement was made on Sunday at the World Energy Capital Assembly in London by Abdul Nasser Al Mughairbi, ADNOC Digital Unit Manager.

Mughairbi set the focus on the partnerships being established by ADNOC:

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 that will ensure that ADNOC delivers on its 2030 smart growth strategy.

With regards to the news, IBM representative Zahid Habib stated that ADNOC would accelerate greatly the pace towards its 2030 Vision, as "with this pilot, ADNOC takes a massive leap forward in asset provenance and asset financials, which, in its simplest terms, enables the ability to track irrefutably, every molecule of oil, and its value, from well to customer."

Read more: The UAE's first official registered cryptocurrency exchange set to go live soon

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