News

UAE Oil Company Partners with IBM to Implement Blockchain Technology

As experts continue to find ingenious ways to apply the cutting edge technology of blockchain across new fields and industries, The Abu Dhabi National Oil Company (ADNOC), one of the world’s biggest, has announced its successful collaboration with IBM leading the industry in its first application of the blockchain system.

Taking Initiative

The Abu Dhabi National Oil Company (ADNOC), which is state-owned by the flourishing United Arab Emirates, is one of the largest petrochemical groups in the world, with 21 million barrels produced on average every week.
The company has communicated its intentions to continue spearheading technological innovation in the petrochemical industry and does not seem ready to relinquish its position just yet. According to a press release made by the ADNOC official website itself, the management of the company understands that its decision to automate its systems with blockchain would be the first and a significant trailblazing decision in the industry, as it prepares to embrace ‘brilliant’ technological innovations readily.
The company made it known why the blockchain was an obvious choice in improving its efficiency and ensuring better product output value. The development is undoubtedly in lieu of the often appraised benefits of blockchain and DLT technology, which includes speed and transparency. Speaking at the World Energy Capital Assembly that held lately in United Kingdom capital, Abdul Nasser Al Mughairbi, ADNOC’s digital unit manager, explained how the successful integration of blockchain into its system of operations would significantly reduce costs of operation and consequently increase efficiency. He explained:

“Blockchain is a game-changer. It will substantially reduce our operating costs by eliminating time-consuming and labour-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.”

According to Mughairbi, with ADNOC spearheading the first application of blockchain in the petroleum industry, the decision to partner with giant IBM is a testament to the willingness of the group to harness the power of technology into achieving better performances and efficiency.

Artificial Intelligence with Blockchain

Al Nasser in his speech at the energy conference in London also revealed and demonstrated the early success that the Arab Emirates has recorded with their implementation of not only blockchain but well researched deep learning models and Artificial Intelligence.
According to ADNOC, the blockchain and Artificial Intelligence models are just some of the key proponents in the versed array of evolving technologies which they have successfully embedded. The company expects the new implementations to drive profitability and operational efficiency across all productions in the present and near future.

Related posts
BitcoinBTC Trading ViewNewsNews 1SocialTrading View

What should you know about Bitcoin's supply shortage?

Following a massive recovery from the drop below the $49,000-level, Bitcoin made a comeback to hit $54,000 on the charts. However, while BTC’s price performance is worth noting, what might have been mThe post What should you know about Bitcoin’s…
ADAUSDAltcoinsBinance CoinbnbusdCardanoCryptocurrency NewsNewsRippleXRP NewsXRPUSDXRPUSDT

Why the crypto community has its eyes peeled out for these 3 altcoins

Altcoins have been dabbling between a bullish and a bearish storm since the year began. For the most part, the bulls have taken charge, forcing different assets to switch positions as the market cap surpasses the other. With the new…
21shares21XC21XEAmunBCHBitcoin (BTC)Bitcoin Cashbitcoin cash BCHBitcoin.comETHetherEthereumEthereum (ETH)ETPsExchange-Traded Productfinancial productsinstitutional-gradeNewspolkadot (DOT)

21shares Launches Bitcoin Cash and Ethereum ETPs on Deutsche Boerse’s Xetra

The cryptocurrency exchange-traded products (ETP) provider 21shares AG, formerly known as Amun, has announced the launch of two new crypto asset ETPs on Deutsche Boerse’s Xetra. The 21shares ETPs will leverage the cryptocurrencies ethereum under the ticker “21XE,” and bitcoin…