The Abu Dhabi National Oil Company (ADNOC) made a publication today, stating that they have partnered with IBM to launch a Blockchain-based platform. It will track all the processes involved in the full chain of oil and gas. Therefore, this will bring about transparency between companies that transact with ADNOC.
Tracking Transactions Involved in The Production and Supply of Oil
The Blockchain platform was launched to record all transactions that involve the production and distribution of oil and gas. It has been said to be a secure platform that makes transactions reliable, fast, and transparent. This is made possible by monitoring, validating, and executing all transactions on Blockchain; right from the time of the oil’s production to when it gets to the final consumer.
The publication outlined that Blockchain will make transactions faster and when that happens, there will be a higher level of efficiency. These are transactions that are traceable on the Distributed Ledger Technology (DLT) and as such, they can be relied upon. Therefore, the integrity of the stored data will not be questionable by operating companies.
First Company to Account for the Production of Oil & Gas
Abdul Nasser Al Mughairbi, ADNOC Digital Unit Manager said they are possibly the first company to use Blockchain in accounting for the production of oil and gas. The new platform is an indication that ADNOC is focused on partnerships that will lead to significant changes in its mode of operation. It will allow them to take advantage of the power of modern technologies to deliver an enhanced level of performance.
He also outlined that Blockchain will eliminate manual processes that usually take a lot of time and require more manpower effort. As a result, the operational cost will be reduced and more of these products will be marketable. These products will be traded with ease since their value does not depreciate easily.
IBM Partner’s With More Companies to offer its Innovative Services
IBM of recent has partnered with several companies to either improve their products or to combat fraud. In November, this US-based company collaborated with Seagate, a hardware manufacturer, to reduce the circulation of fake hard drives. This will be ensured by making newly manufactured hard drives traceable on the Blockchain.
Telefonica, a Spanish telecommunications company in November, also began using IBM’s platform to trace international calls. The company’s aim is to bring about transparency where the same call data is accessible to different call operators. Also, a call’s destination can be determined as well as the rate that is to be applied.