IBM's Blockchain Solution Adopt by Abu Dhabi National Oil Firm
Abu Dhabi National Oil Firm take a step to adopt the blockchain solution of IBM to run business smoothly. According to official, blockchain is the best option to track and payment in firm. It can helpful to track each and single penny of company. In its bid to seamlessly track, validate and execute transactions at every stage of its operations, from the production well to the end user, via blockchain technology.
Today, ADNOC announced their collaboration with IBM regarding the Blockchain solution. They implement this solution in entire oil and gas production value chain to reduce transaction times between its operating firms, increase efficiency, while also enlightening the reliability of production data by making transactions more transparent.
The officials also said that it is a revolutionary step had put its name in the history books as one of the pioneers of DLT in the oil and gas sector globally. And it also fetches to the fore how the organization is leveraging ground-breaking alliances to optimally use leading-edge technology and creative thinking to stand-in competence and deliver better performance.
Blockchain technology will meaningfully reduce the cost of operation by removing timewasting and labor-intensive procedures, strengthen the advertising and trading of the products and establish the long-term maintainable value that will allow ADNOC to deliver on its 2030 smart growth strategy.
This step also gives big impact of cryptocurrency market and hopefully we see increasing graph of market soon.