Today the Abu Dhabi National Oil Company (ADNOC)
announced it has been collaborating with IBM to pilot blockchain across the supply chain. The new system tracks, validates and executes transactions from the oil well to the end customer. At this stage, it’s being used internally.
Currently, the platform is used to automate accounting between ADNOC operating companies by tracking quantities and financial values. Eventually, it will link to customers and investors.
“We believe this could be the first application of Blockchain in oil and gas production accounting anywhere in the world,” said Abdul Nasser Al Mughairbi, ADNOC Digital Unit Manager.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
