Oil company ADNOC and IBM launch the blockchain to track the oil

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The national oil company of Abu Dhabi (ADNOC) announced the conclusion of partnerships for the development jointly with IBM pilot project operations management supply of petroleum products on the basis of the blockchain, from the oil wells to the end user.

An automated system based on technology of the blockchain will control the distribution of oil and gas production throughout the chain, from creating and cost of ADNOC, including tracking the movement, checking and transactions.

It is expected that the blockchain-the project will increase the efficiency of supply and provide greater transparency for stakeholders. The key difference is the use of the blockchain for the full life cycle of oil and gas, while other projects in the industry mainly focus on the key stages in the supply chain, such as trading processes. Connecting clients and investors to the platform ADNOC is planning to implement later.

The first complete accounting of oil and gas on the basis of the blockchain

The pilot project will help ADNOC to track the quantity and cost of oil from well to refinery and then, when you export. Blockchain-the project will also cover carpet-natural gas, condensates, natural gas liquids and sulphur.

The project launch was announced at the recent London world Assembly’s energy capital. Calling the blockchain technology is “changing the rules of the game”, Manager of digital technology, ADNOC, Abdul Nasser al Muhairbi noted that the blockchain will help companies “significantly reduce operating costs by eliminating complex and time-consuming processes to strengthen the marketing and sales of petroleum products and the creation of sustainable value in the long term.”

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Tags: ADNOC IBM

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