Abu Dhabi National Oil Company and IBM Pilot Blockchain-Powered Supply Chain System By Cryptovest

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Abu Dhabi National Oil Company and IBM Pilot Blockchain-Powered Supply Chain System

The Abu Dhabi National Oil Company (ADNOC) and tech giant IBM (NYSE:) have partnered to pilot a blockchain-based transaction management service for oil commodities.

According to an ADNOC press release published on Sunday, the automated system will provide a secure platform for the tracking, validating and execution of transactions at every stage of the oil supply chain, from production well to the end customer. The state-owned oil company noted that using blockchain technology will reduce the time it takes to execute transactions, increase operational efficiencies and improve the reliability of production data by enabling greater trans…

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