[ad_1]
This pilot project is an automated system for integrating oil and gas production through the company's value chain. According to a press release from the state oil company, the blockchain solution "will reduce the time it takes to execute transactions between ADNOC's operating companies and significantly increase operational efficiency across its value chain. reliability of production data allowing greater transparency in transactions. "
At the recent World Assembly of Energy in London, ADNOC shared more of its ambitions and early successes in incorporating Blockchain and other advanced technologies such as Artificial Intelligence throughout its business. He says that the introduction of these technologies has unlocked new opportunities and has greatly improved operational efficiency and driven profitability.
This pilot project has been hailed as a leading industry project as it provides a secure platform for monitoring, validation and execution of transactions at every stage, from the production well to the final customer.
"We believe this could be the first application of the blockchain in oil and gas production accounting anywhere in the world," said Abdul Nasser Al Mughairbi, Director of the ADNOC digital unit.
How does this IBM blockchain solution work?
The blockchain is a shared ledger that can record transactions between a network efficiently and where participants can verify the validity of data on the network. Now, this particular solution provides a single platform. Also, keep track of the amounts and financial values of each bilateral transaction. Majority of transactions between the operating companies of ADNOC.
However, it is a private blockchain which means it is limited to ADNOC. It is different from the Bitcoin blockchain or the Ethereum blockchain. Moreover, where everyone in the world have access to view transactions on the network.
ADNOC is a leading group in the energy and petrochemical industries with a daily production of around 3 million barrels of oil and 10.5 cubic feet of natural gas. They focus their efforts on exploiting energy resources for global economic growth in a fourth industrial age.
IBM partnerships with ADNOC
In addition, the technology company has created this tailor-made solution for ADNOC to create new value in the oil and gas industry. As Zahid Habib is the vice president of IBM's chemical and oil solutions. He says that this pilot will irrefutably track, every molecule of oil and its value, from good to customer. Also sets ADNOC on the path to achieve its "2030 smart growth strategy".
IBM has worked on several projects looking for new ways to create value. In addition, they are also focusing on improving the exploration of new oil and gas resources. At the start of this year, IBM Services and SAP intend to develop an innovative digital solution. This was to improve the adoption of blockchain capacity for accounting for joint ventures in the oil and gas sector. It had to strengthen the accounting and settlement reconciliation times between operators and non-operators.
Stay up to date with the latest Coinpedia news, enjoy your reading!
Summary
Item name
Abu Dhabi Oil Company implements a pilot of IBM's Blockchain Solution
Description
Abu Dhabi National Oil Company (ADNOC) has announced a successful partnership with IBM on a blockchain-based project. It will help the oil company to simplify the accounting process.
Author
Feranmi Akeredolu
Publisher name
Coinpedia
Publisher logo
Was this post helpful?
Let us know if you liked the post. This is the only way we can improve.
<! –
->
