Saudi Arabia Trials Blockchain For Quality Checks In Oil Industrybr>
Ahmad Khowaiter, CTO of Saudi Arabian national petroleum and natural gas company Saudi Aramco, has revealed that the country is currently testing blockchain technology to track quality in oil and gas industry.
In an interview with online news oulet Sputnik, Khowaiter said that blockchain has a lot of advantages in ensuring the quality of the product and the source of the product, and that they are interested in using the technology.
“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,” Khowaiter said. “We are interested in it, we are testing it in some applications.”
Last month, it was reported that Saudi Arabia was working on technology to produce oil with emissions close to zero. Khowaiter said that their goal is to reduce global carbon dioxide emissions, associated with the production of oil and gas, by 15 percent.
“There’s an [global] average of about 60 kilograms [132 pounds] per barrel, Saudi Arabia has 24 [kilograms], the highest is more than 140 kilograms per barrel,” Khowaiter said. “If we are able to bring down the worst players, the highest emissions, then we can have a 15 percent reduction of CO2 in the oil and gas industry. That’s where we think there’s a huge opportunity — 15 percent of the emissions of the entire value chain of oil and gas.”
In January of this year, Aramco established a digital transformation program, which includes blockchain as 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,” the company said at the time.