Adnoc to use blockchain technology

Abu Dhabi National Oil Company (Adnoc) yesterday announced a tie-up with software firm IBM for using a blockchain-based automated system to increase efficiency in oil and gas operations.

“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,” the company said in a statement. (Staff Report)