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The Abu Dhabi National Oil Company (ADNOC) announced that they’ve successfully carried out a pilot project of building a blockchain-powered system with the help of IBM. This system enables to track irrefutably every molecule of oil and its value from the production well to the customers.
This is just another example of the industry-wide trend of integrating blockchain and distributed ledger technologies into companies. Walmart and Unilever have already plans in place to implement the blockchain technology in their supply chain programs. The benefits such as security, transparency, efficiency, uniqueness are invaluable to any business and it is only a matter of time before all the big businesses will be racing each other to obtain those benefits first.
ADNOC also stated that using blockchain technology will not only reduce the time of transaction processing in its operations but also significantly increase operational efficiencies across its full value chain. ADNOC also boasted about the reliability of production data that blockchain will enable as well as transparency in transactions. ADNOC announced this project at the recent World Energy Capital Assembly in London and talked about their success in implementing blockchain into their systems. The company informed its audience at the event that they are also implementing other advanced technologies such as artificial intelligence to enhance their operational efficiency, drive profitability and unlock new value from oil and gas resources to seize the opportunities created by Oil and Gas 4.0.
Mr. Abdul Nasser Al Mughairbi is ADNOC Digital Unit Manager. He was quoted saying, “We believe this could be the first application of Blockchain in oil and gas production accounting anywhere in the world. It demonstrates how ADNOC is leveraging innovative partnerships to unleash the power of technology and creative thinking to enhance efficiencies and deliver greater performance… 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.”
From the other side of the aisle, Zahid Habib who is Chemicals and Petroleum Solutions VP at IBM said, “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. This unlocks the potential to digitally reinvent ADNOC’s hydrocarbon value chain, adds a unique dimension to their data visualization in their Panorama Digital Command Center, and accelerates ADNOC towards their 2030 Vision.”
Blockchain technology is turning into a very lucrative investment for companies across the board. Some of the biggest companies in the world like Amazon, Walmart, Unilever are investing heavily in the adaptation of this new technology. New systems powered by blockchain are being invented daily to lend the powers of the decentralized applications and distributed ledger to businesses both small and large. If this keeps up, blockchain is set to become an integral part of how businesses function and interact with each other and with their customers.