Saudi Aramco, the world's largest oil and gas company, to pilot blockchain

16 Mar, 2019
by Joeri Cant
Blockchain
Saudi Aramco, the world's largest oil and gas company, to pilot blockchain

Saudi Aramco, the world's largest oil and gas company, is about to run a pilot program with blockchain technology, with the purpose of verifying the origin and quality of petroleum products.

Saudi Arabia, as the world’s third largest oil-producing nation, announced that they will be piloting blockchain technology to verify the origin and quality of petroleum products, which could be the next step towards a massive technological overhaul in the oil industry.

According to Bitsonline, the state-owned oil monopoly Saudi Aramco, will run this blockchain pilot to address issues the oil and gas giant has with traceability and quality control. The goal is to provide a method of tracing products back to their original production lines.

Read more: Starbucks and Bitcoin: what are the facts?

If the pilot concludes successfuly, then blockchain technology would allow Saudi Aramco to validate the entire supply chain, which would assure greater quality control and would further provide them with the possibility to monitor all interactions by supply chain participants during the life cycle of the crude products, improving efficiency and accountability.

Saudi Aramco’s chief technology officer Ahmad Al-Khowaiter said that Aramco is very interested in using the blockchain technology.

'We are evaluating, it has a lot of advantages in ensuring the quality of the product and the source of the product', Al-Khowaiter said.

'There are a lot of challenges in identifying sources of production and also for tracking quality, in which we think there is an opportunity to utilize blockchain. We are interested in it, we are testing it in some applications.'

Read more: Bithumb expands into the Middle East with the launch of a new exchange

In a related matter, in January Chepicap reported that the Saudi Arabia’s Minister of Economy and Planning, Mohammed bin Mazyad Altwaijri and Mohammad bin Abdullah Al Gergawi, the Emirati Minister of Cabinet Affairs and The Future, announced the launch of the Saudi-Emariti Pilot Cryptocurrency.

Is NOW a good time to BUY BITCOIN?Subscribe to the Chepicap YouTube Channel for more videos!

Follow Chepicap now on Twitter, YouTubeTelegram and Facebook!

Chepicap is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some Satoshi with the exciting new Lightning Network Tippin.me tool!

 

Read more: How to tip and receive Bitcoin via the Lightning Network with Tippin.me

Poll

Will American oil companies ever adopt blockchain?

(2 votes)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage