The Abu Dhabi National Oil Company (ADNOC) and IBM have collaborated to pilot a blockchain-based supply chain system.



As reported, the blockchain-based supply chain system has provided a more automated platform that can track the volumes and financial values associated with each transaction.



Abdul Nasser Al Mughairbi, the digital unit manager at ADNOC, has revealed his belief on the potentials of blockchain technology. He has said that the pilot project will put a control on their operating costs. Furthermore, it will make the system more efficient and transparent, thereby eliminating the time-consuming and labor-intensive processes.



Zahid Habib, an IBM representative, has confirmed that the blockchain system allows tracking of every molecule of oil and its value more effectively.

