For what the National oil company of Adu-Dabi began to use a blockchain

At the end of October, 2019 the National oil company of Abu Dhabi began to use (ADNOC) blockchain technology to provide transparent trade relationship of subsidiary companies. Implementation of a blockchain platform is connected with plans of the company for expansion of already large supply network.

The national oil company of Abu Dhabi is the driving force of economy of the UAE from the moment of the basis, i.e. already almost half a century. ADNOC extracts 3 million oil barrels and processes billions of cubic feet of gas a day. ADNOC has 14 subsidiary companies which are engaged in oil and gas production. Besides, transportation, sale and marketing of these minerals falls within a coverage of the company.

The national oil company of Abu Dhabi began to use (ADNOC) blockchain technology to provide transparent trade relationship of subsidiary companies

The head of department of digital technologies in ADNOC Abdul Nasser noticed that all subsidiary companies ADNOC are separate profit centers which trade with each other.

We consist of 14 companies which hourly enter with each other trade relations, - he told. For example, the gas company sells gas of the petrochemical company.

Each of the companies of this group gets own profit, - Nasser explained. - Earlier transfer of products was performed on the pipeline, and account was kept manually using the most normal means.

Now they are succeeded blockchain technology. The project is under authority of department of Nasser which was created in 2017 to help ADNOC to transform the activity using such technologies as a blockchain and machine learning.

Now all calculations will be visible to all who should see them, - Nasser noted. - The distributed ledger is safe and provides necessary transparency and honesty of trade relations. Account is kept in real time and is available to all interested persons.[1]

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