Copy link
Increase text size
Decrease text size
Link copied

Saudi Arabia trials blockchain for ensuring quality in oil and gas sector

Wed, 13 Mar 2019, 11:55 am UTC

Saudi Arabia is trialing blockchain technology to track quality in oil and gas industry, Ahmad Khowaiter, CTO of Saudi Aramco – a Saudi Arabian national petroleum and natural gas company, told Sputnik.

Khowaiter said that blockchain technology has a number of advantages in ensuring the quality of the product and the source of the product. He added that the company is interested in utilizing the technology and is currently evaluating it.

There are a lot of challenges in identifying sources of production and also for tracking quality, in which we think there is an opportunity to utilize blockchain. We are interested in it, we are testing it in some applications," Khowaiter said.

Last month, Aramco CEO Amin Nasser had said that Saudi Arabia was working on technology to reduce emissions associated with oil production close to zero.

Khowaiter said that the company is seeking to cut global carbon dioxide emissions, associated with the production of oil and gas, by 15 percent.

In May 2018, Bitcoin Magazine reported that Aramco was working towards adopting blockchain technology to enhance its management and accounting processes.

In a document dated January 09, 2019, Aramco said that it has established a digital transformation program where blockchain is one of the technologies under consideration to support the financial services domain.

“Saudi Aramco is currently exploring the potential use of blockchain with its business network, which includes suppliers, contractors, customers, banks, manufacturers, universities, and others to achieve secure, real-time visibility, as well as inexpensive transactional processing across various business areas, including energy commodities trade, finance and treasury, contractual and legal agreements, and corporate maintenance,” it read.

<Copyright © TokenPost. All Rights Reserved. >

  • Bitcoin (btc) $20,089.00 (-3.06%)
  • Ethereum (eth) $1,532.84 (-3.30%)
  • BNB (bnb) $376.56 (+12.01%)
  • USD Coin (usdc) $0.999629 (-0.04%)
  • Binance USD (busd) $0.993850 (-0.82%)
  • Bitcoin (btc) $20,089.00 (-3.06%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.