Abu Dhabi oil company will use blockchain technology to track oil

new@eBitcoinics.com   11 Dec, 2018   news.eBitcoinics.com   Views: 359

The Abu Dhabi National Oil Company (ADNOC) has reported on its successful participation with IBM in a pilot project for the development of a blockchain oil and gas tracking system. This according to a press release published by the company on its official website last Sunday, December 9.

It is an innovative system that will form a secure blockchain platform. With this, the oil company will be able to track, validate and execute the transactions in each of the stages of crude processing; that is, from its extraction from the well to its arrival to the client.

The project was announced by ADNOC's Digital Unit Manager, Abdul Nasser Al Mughairbi, during the World Energy Capital Assembly that took place in London. In the event, they shared the achievements and ambitions of the company with their measure to implement the blockchain and other technologies, among which Artificial Intelligence is also included.

ADNOC aims to "improve operational efficiency, boost profitability and unlock the new value of oil and gas resources to take advantage of the opportunities created by Oil and Gas 4.0".

The manager has expressed his faith in the project:

"We believe that this could be Blockchain's first application in accounting for oil and gas production anywhere in the world. It demonstrates how ADNOC is taking advantage of innovative partnerships to unleash the power of technology and creative thinking to improve efficiency and deliver greater performance. "

Al Mughairbi also highlighted the benefits of using the chain of blocks in his company:

"It will substantially reduce our operating costs by eliminating time-consuming and labor-intensive processes, strengthen the commercialization and trade of our products and create long-term sustainable value that will ensure that ADNOC complies with its Smart Growth 2030 strategy."

With this pilot project, ADNOC seems to have taken an important leap in terms of the financial field, being able to "irrefutably trace, each oil molecule, its value, from the good to the customer". This implementation represents a new alternative to reinvent the hydrocarbon value chain, and brings the company closer to the one already planned Vision 2030.



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