The Abu Dhabi National Oil Company united with the IBM. This unity is meant to handle a blockchain system. The system had been announced by the Adbul Nasser AI Mughairbi, digital Unit Manager of Abu Dhabi National Oil Company in London. He said that this could be the first most application in production of energy and gas of blockchain.
A state-owned Oil Company in UAE is among the world’s famous energy and petrochemical groups which gets the output of about 3 million barrels of oil and 11 cubic feet of gas per day.
The pilot project has been offering a platform which can track the values of financial and the quantities of each transaction of bilateral.
Abdul Nasser said that the blockchain is a game- changer and will decrease the operating costs by removing labor-intensive processes, time-consuming system and mainly develops the marketing and trading process.
The Abu Dhabi Global Market completed the test related to the blockchain system. UAE’s international financial free zone has done in concluding a pilot for the KYC (Know Your Customer) project.
IBM representative Zahib Habib said that the system is going to authorize the capability to track the value and every molecule of the oil.
Arabian Gazette added that customers and the investors will be given authorization to the data information by offering them a seamless integration among the stakeholders. And Cointelegraph reported on the launch related to blockchain based system from the post management platform VAKT. It is designed for a group of crude oil industry clients which includes large industries like Shell, Gunvor, BP, and Mercuria.
The press reported that what Abu Dhabi National Oil Company is hoping the system can bring to the company and to its customers. The report explained that the system is going to decrease the time by taking to execute the efficiencies of the value chain and it also improves the reliability of the production data by allowing the transparency in crypto transactions.