Abu Dhabi National Oil Company (ADNOC) has partnered with IBM to pilot blockchain-based transaction management for its commodities right from the oil wells through to its end customers.
The automated, blockchain-based, system will encompass oil and gas production management for ADNOC’s entire value chain including tracking, validating, and executing, transactions.
As with many blockchain pilots, this one is also expected to increase efficiencies and provide greater stakeholder transparency. A key differential, however, is this pilot’s application to the entire oil and gas lifecycle where other industry pilots have focused on key parts of commodity supply chains, like trade and post-trade processes. ADNOC plans to incorporate customers and investors in the platform at a later date.