Abu Dhabi: Oil on the Blockchain

the The national Oil company of Abu Dhabi will handle the supply chain for Oil production in the future on a Blockchain. For the project, the Abu Dhabi National Oil Company (ADNOC) is collaborating with technology giant IBM.

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10. December 2018ShareFacebookTwitterLinkedInxingemail

The Management of supply chains via the Blockchain is one of the major use cases of the technology. An advantage of the implementation of a Blockchain system in Supply Chain Management, improved transparency in the various stages of the value chain.

such As ADNOC, in a press release from the 9. December announced that it intends to use the national Oil company of Abu Dhabi, these advantages now. Currently, the pilot phase "to a full Blockchain-a platform for the Tracking, validation and execution of transactions, in each section of the supply chain from production to end customer automatically expires".

ADNOC, according to the use of the platform to ensure, in particular, for smoother processes between the different suppliers. Precisely formulated, this means that the supply chain should be through the Blockchain more efficient, faster and transparent.

What does that mean exactly? According to the press release, the Blockchain platform to ensure that transfer processes between the suppliers run automatically. This means that the oil producer is feeding the Blockchain initially, with data such as the quantity and the price of Oil pumped. This information, in turn, helps the following links in the value chain, such as, for example, the refineries, and their production processes at an early stage.

if the test phase is successful and wants to expand the ADNOC Service successively to the final customer. This could then understand the origin and value creation of every drop of Oil. This, according to the Oil company, "increases the transparency and, ultimately, the attractiveness of the ADNOC group as a business partner".

idea on Ölkonferenz

ADNOC announced the large project first on the World Energy Capital Assembly, to the 3. and 4. December took place in London. At the presentation of the progress made in the course of the conference, project leader, Abdul Nasser Al Mughairbi:

"Blockchain said is a Game-Changer. It will lower our operating costs substantially, by eliminating time-consuming and labour-intensive processes.“

Because block chains rather known to be quite portly databases, surprised by the approach of the Oil company to want to with the platform, especially for more efficiency. With IBM, the ADNOC, however, one of the pioneer in terms of Blockchain-adaptation in the industry to Partner.

so, once again: wait and see.