By Nina Kikava - News - 1 month ago

Partnership Between IBM And Abu Dhabi National Oil Company

According to the press release, that was published on December 9, the partnership with between IBM and the Abu Dhabi national oil company (ADNOC) was really successful. They were planning on releasing pilot for blockchain supply chain system.

As the release states, the pilot is all about blockchain supply chain system. The platform itself tracks the quantities and also financial values of each transaction that are made.

The first time when the collaboration and the project were mentioned was at the recent World Energy Capital Assembly in London, and the announcement was made by the Unit manager of ADNOC Abdul Nasser Al Mughairbi. He made comments on the various aspect of the project:

“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”

Also, IBM representative made a comment on this matter, Zahid Habib stated:

“The system enables the ability to track irrefutably, every molecule of oil, and its value from well to the customer. In the future, customers and investors will be given access to the data providing seamless integration among stakeholders.”

And, for the last, press release also noted:

“[The system] will reduce the time it takes to execute transactions between [its] operating companies and significantly increase operational efficiencies across its full value chain. It will also improve the reliability of production data by enabling greater transparency in transactions.”

As we already know, the American company IBM is always trying to make a mass adoption for blockchain industry, that is the reason why it is collaborating with various different companies in order to integrate blockchain in everyday life of people in numerous aspect of livelihood. As BNG reported earlier, IBM also collaborated with Colombia University, in order to launch two blockchain accelerator programs, that will help startups in the industry to innovate at scale.