The Abu Dhabi National Oil Company (ADNOC) and IBM, a US-based tech major, have successfully piloted a blockchain-based automated system to integrate oil and gas production across the full value chain, the UAE's oil major said in a statement on Sunday.
The system provides a secure platform for the tracking, validating and execution of transactions at every stage, from production well to the end customer.
According to ADNOC, using blockchain technology will reduce the time it takes to execute transactions between ADNOC’s 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, the statement added.
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