Saad Ullah
End to End Chain
The blockchain based platform is a unique concept as it will not only be catering towards the requirements of the two companies, but will be a complete end to end platform that will include complete tracking, order execution, validating and transacting of data.
ADNOC will be using the expertise of IBM to develop the platform. Blockchain, with its efficient system, will allow ADNOC and other participants to keep financial and accounting tracking of oil and gas. The platform is expected to bring in immense savings.
Zahid Habib, Vice President of IBM’s chemicals and petroleum was very confident about the platform and “With this pilot, ADNOC takes a massive leap forward in asset provenance and asset financials, which, in its simplest terms, enables the ability to track irrefutably, every molecule of oil, and its value, from well to customer.”
Oil and Gas Accounting
The IBM and ADNOC platform is a first of its kind. British Petroleum and Shell have already made a trading platform, Vakt, that is operationalsince last month. Vakt is a trading platform that intends to increase the market trading efficiency. The IBM ADNOC partnership, however, is designed to increase the speed of accounting and allows any user to take part in the platform.
Abdul Nasser Al Mughairbi, the digital manager at ADNOC said about the production and accounting principle of the platform, “The first application of Blockchain in oil and gas production accounting anywhere in the world. It demonstrates how ADNOC is leveraging innovative partnerships to unleash the power of technology and creative thinking to enhance efficiencies and deliver greater performance.”And, “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”
Saad Ullah
