According to the Abu Dhabi National Oil Company's December 9th press release, they made a successful partnership with IBM for their blockchain supply chain system.
According to ADNOC, the state-owned oil company in the Arab United Emirates is one of the world's leading energy and petrochemical groups with 3 million barrels of oil per day.
Companies that are in this pilot project It is the only platform that follows the amount and financial values of its mutual transactions.Thus, accounting and reporting are automated.
This system was announced by Abdul Nasser Al Mughairbi, the Digital Unit Manager of ADNOC, in the recently held World Energy Capital Council. During the summit, Olabilir this blockchain can be used for the first time in oil and natural gas production “ he said the importance of the situation. Al Mughairbi also conveyed his ideas about this technology:
”Blockchain is a thing of the past, reducing time-consuming and labor-intensive procedures, reducing transaction costs, while at the same time strengthening sales and marketing of products, creating sustainable value in the long run.“
Zahid Habib, an IBM representative, says the system “perfectly follows all of its value from the oil to the molecule. IBM At the same time, ArabianGazette said that customers and investors will be able to reach the same data with them as a perfect integration with stakeholders.
In his press release, ADNOC says,
Artır This system will reduce the time between operations of companies and increase operational efficiency in the entire supply chain. It will also increase transparency and increase the realism of production data. Aynı
Last week, the Cointelegraph announced that after-sales management firm VAKT launched a transaction tool for the customers of the crude oil sector such as BP, Equinor, Shell, Gunvor and Mercuria based on the blockchain.
Meanwhile, the Abu Dhabi International market has completed a blockchain-based system test this week. He said that he completed the pilot of Know Your Customer project, according to the statement of international free finance in the capital of the United Arab Emirates.
Source: Cointelegraph