Blockchain is revolutionizing the way companies do business in the modern era. Through the use of a digital ledger, a form of large-scale data storage, companies are learning to utilize the new technology in ways that will lower costs and increase revenues. Abu Dhabi National Oil Company (ADNOC), in conjunction with the historic tech company IBM, announced the first blockchain of its kind in the oil industry.
In an announcement released by ADNOC, the new blockchain-based platform cuts costs while increasing efficiency throughout its various operations. The new platform also makes transactions more transparent for their customers. The use of a digital ledger will allow the company, and eventually consumers, to track the history of ADNOC’s resources such as oil production, resources like sulphur, and the life cycle of natural gas – from production to purchase.
With the project’s progression, ADNOC eventually expects it to include consumers as well as investors, providing more transparency while reducing risk for any seeking an investment partnership. It is also expected to prevent error and increase security.
Blockchain technology is revolutionizing industries throughout the globe – from food and energy to healthcare, transportation and more. Most of the major companies have already adopted it, with one of the most recent ones on the list being Shell and BP, which have already set up their own blockchains through Vakt Global, which the companies claim will cut costs, prevent errors, and simplify trades.