Tech giant IBM has partnered with the Abu Dhabi National Oil Company (ADNOC) to develop a blockchain-based supply platform for oil/gas products, according to the official press release.
The blockchain-based platform should reduce the time of transactions between ADNOC’s facilities.
“It will also improve the reliability of production data by enabling greater transparency in transactions,” the press release states.
ADNOC’s Digital Unit Manager Abdul Nasser Al Mughairbi claims the partnership with IBM may be the very first example of blockchain application in oil/gas industry.
“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,” Al Mughairbi said.
IBM is rightfully considered to be one of the true blockchain believers with its frequent implementation of technology all around the world.
Earlier, IBM entered into the collaboration with Spanish telecom provider Telefónica to implement blockchain tech. Moreover, IBM launched two blockchain programs in collaboration with Columbia University that aims to help startups in innovative projects.
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