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Abu Dhabi National Oil Firm Adopts IBM’s Blockchain Solution

The Abu Dhabi National Oil Company (ADNOC), a leading diversified energy and petrochemicals group that claims to produce roughly 3 million barrels of oil and 10.5 cubic feet of natural gas daily, has joined forces with IBM  to enable it integrate distributed ledger technology (DLT) into its operations and reduce risks while fostering transparency and efficiency, according to a press...Read More. The post by Ogwu Osaemezu Emmanuel appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News
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Abu Dhabi Oil Giant Joins IBM to Apply Blockchain for Value Chain Management

CoinSpeaker Abu Dhabi Oil Giant Joins IBM to Apply Blockchain for Value Chain Management The Abu Dhabi National Oil Company (ADNOC) joined IBM to pilot a much-anticipated supply chain system. The company made this announcement through a press release published on Dec. 9. ADNOC is a state-owned oil company operating in the United Arab Emirates. The company is also a world leader producing 10.5 cubic feet of natural gas and about 3 million barrels of oil daily. According to the press release, the projected has successfully: “Provided a single platform that tracks the quantities and financial values of each bilateral transaction between the involved companies automating the accounting process” Official Announcement Abdul Nasser Al Mughairbi, the ADNOC Digital Unit Manager, made the project announcement recently in London. He was speaking at the World Energy Capital Assembly. Al Mughairbi illustrated his perception of the fundamental technology terming it as the first blockchain application in the oil and gas industry. He said blockchain is a game-changer. It is set to significantly reduce the company’s operating costs through elimination of labor-intensive and time-consuming processes. The technology will strengthen the trading and marketing of ADNOC’s products simultaneously creating long-term sustainable values. According to an IBM representative, Zahid Habib, the system will enhance the traceability of every oil molecule. Thus, the companies will determine the precise value of the oil from well to the consumer. Investors and customers will also have access to the data in future as reported by ArabianGazette. The transparency will eventually develop seamless integration among all stakeholders. Benefits of the New System There are other benefits that this system will bring to the operation of the company. According to the same press release: “The system will reduce the time it takes to execute transactions between its operating companies and significantly increase operational efficiencies across its full value chain. It will also improve the reliability of production data by enabling greater transparency in transactions.” The oil and gas sector is slowly embracing blockchain technology. Recently, there was a launch of a blockchain-based processing tool from VAKT in late November. The tool is designed for crude oil industry players including Shell, Equinor, Gunvor, BP, and Mercuria. The Abu Dhabi Global Market also successfully tested the blockchain-based system earlier in the week. First Application Accounting Although Microsoft replaced IBM as the biggest Blockchain-as-a-Service Platform, IBM has turned its attention to the oil sector. The ADNOC project is regarded as the first application of blockchain-based oil and gas accounting platform. The regular price fluctuations and limited capacity for the natural resources prompted the UAE government to seek sustainable solutions. The announcement is definitely excellent news for the entire crypto industry. It also unlocks the potential to digitally reinvent the ADNOC’s state-owned hydrocarbon value chain. Moreover, it adds a unique dimension to the company’s data visualization in their state-of-the-art Panorama Digital Command Center. The system undisputedly accelerates ADNOC towards their vision 2030. Abu Dhabi Oil Giant Joins IBM to Apply Blockchain for Value Chain Management
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Abu Dhabi National Oil Company, IBM Partner For Blockchain Supply Chain System

The Abu Dhabi National Oil Company (ADNOC) has partnered with tech giant IBM to pilot a blockchain system that integrates oil and gas production across the full value chain. ADNOC is the state-owned oil company of the United Arab Emirates (UAE). It engages in exploration and production, support, oil refining and marketing, oil and gas processing, chemical and petrochemical production, maritime transportation, and refined products distribution activities. It is the world’s 12th largest oil company by production, standing at 3.1 million barrels per day. ADNOC’s blockchain pilot project with IBM, which was announced at the recent World Energy Capital Assembly in London, has reportedly provided a single platform that automated the accounting process by tracking the quantities and financial values of each bilateral transaction between ADNOC’s operating companies. “For example, as crude oil makes its way from the production well to the refinery, or the export terminal, all quantities are accounted for on a daily basis along with the associated monetary values,” ADNOC said. “Other products included in the blockchain application are gas, condensates, Natural Gas Liquids (NGLs) and Sulphur. These products are exchanged between ADNOC’ operating companies and exported to customers overseas.” ADNOC said that the pilot proves that blockchain can reduce the time it takes to execute transactions between ADNOC’s operating companies and significantly increase operational efficiencies across its full value chain. The technology will also improve the reliability of production data by enabling greater transparency in transactions. Abdul Nasser Al Mughairbi, ADNOC Digital Unit Manager, said that the pilot demonstrates how ADNOC is leveraging innovative partnerships to unleash the power of technology and creative thinking to enhance efficiencies and deliver greater performance. “Blockchain is a game-changer. It will substantially reduce our operating costs by eliminating time-consuming and labor-intensive processes, strengthen the marketing and trading of our products, and create long-term sustainable value that will ensure that ADNOC delivers on its 2030 smart growth strategy,” Al Mughairbi said. ASNOC is planning to expand the application to link it to customers and investors, providing seamless integration among stakeholders. The oil company claims that the blockchain system’s enhanced clarity and transparency will reduce inherent business risks and consequently enhance the attractiveness of ADNOC Group as an investment partner. “With this pilot, ADNOC takes a massive leap forward in asset provenance and asset financials, which, in its simplest terms, enables the ability to track irrefutably, every molecule of oil, and its value, from well to customer,” said Zahid Habib, IBM’s Chemicals and Petroleum Solutions VP. “This unlocks the potential to digitally reinvent ADNOC’s hydrocarbon value chain, adds a unique dimension to their data visualization in their Panorama Digital Command Center, and accelerates ADNOC towards their 2030 Vision.”
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Abu Dhabi National Oil Company Partners IBM to Pilot Blockchain Across its Value Chain

Abu Dhabi National Oil Company (ADNOC) has partnered with IBM to pilot blockchain-based transaction management for its commodities right from the oil wells through to its end customers. The automated, blockchain-based, system will encompass oil and gas production management for ADNOC’s entire value chain including tracking, validating, and executing, transactions. As with many blockchain pilots, The post Abu Dhabi National Oil Company Partners IBM to Pilot Blockchain Across its Value Chain appeared first on CCN
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IBM and Abu Dhabi National Oil Company (ADNOC) Successful in Blockchain Supply Chain System Pilot

With the recent announcement of the near abandonment of the Organisation of the Petroleum Exporting Countries (OPEC), the major oil producers are already reeling. What has hardly helped matters is the crashing oil prices. In such a milieu these nations have been looking at cost-cutting avenues and efficiencies in the current setup. To this end, the Abu Dhabi National Oil Company (ADNOC) has announced, on the 9th of December, that they have successfully tested a pilot system for a blockchain supply chain system. ADNOC is a state-owned oil company in the United Arab Emirates (UAE). Being a leading oil and gas producer, with an estimated daily production of about 3 million barrels of oil and 10 cubic feet of natural gas, it had been trialing a project to “provide a single platform that tracks the quantities and financial values of each bilateral transaction.” Thus automating a large part of the accounting between the various companies involved in the supply chain. The pilot had been developed in conjunction with IBM and was recently unveiled at the World Energy Capital Assembly, in London, by Abdul Nasser Al Mughairbi, the ADNOC Digital Unit Manager. At the summit, he proudly noted that “this could be the first application of blockchain in oil and gas production.” Mr. Al Mughairbi then went into the details of the effort calling the introduction of this technology a game changer. Discussing the strengths of the setup and how it will affect the current system he said, “It will substantially reduce our operating costs by eliminating time-consuming and labor-intensive processes, strengthen the marketing and trading of our products, and create long-term sustainable value.” Adding to this an IBM representative, Zahid Habib, went on to claim that the system “enables the ability to track irrefutably, every molecule of oil, and its value, from well to customer.” In addition to that this tracking data will be made available to the public; so that customers and investors will have a seamless integration experience. A press release in the Arabian Gazzeete further discussed the virtues of this system. ADNOC hopes that this project, when live “will reduce the time it takes to execute transactions between [its] operating companies and significantly increase operational efficiencies across its full value chain. It will also improve the reliability of production data by enabling greater transparency in transactions.” This comes hot on the heels of other such forays by other major players. Just last week saw the launch of a similar blockchain-based processing tool. Designed for the crude oil industry this post-trade management platform certainly caught the attention of firms such as BP and Shell. That is not all, the Oil rich nation has certainly seen the potential benefits of this technology. In Nov it had opened its shores to devs and companies to setup crypto firms. Then their Abu Dhabi Global Market (ADGM), the international financial free zone in the capital, conducted tests of a blockchain-based system for their Know Your Customer (KYC) project. The price fluctuations along with the limited capacity of their natural resources has certainly woken up the government to push for a more sustainable solution. This is certainly good news for the crypto industry as a whole.
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Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust

Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust Digital currency investment group Grayscale confirmed it had successfully launched its latest fund, dedicated to Stellar’s Lumens (XLM) token, in a tweet Jan. 17. Grayscale, which now operates nine cryptocurrency funds, timed the move to coincide with a change of image for its products, renaming all its […] Cet article Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust est apparu en premier sur Bitcoin Central.
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Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project

CoinSpeaker Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project Until now, everybody has been talking about Bitcoin, the most popular and widely used digital currency. However, Bitcoin is unable to process thousands of transactions a second. Researchers from the Massachusetts Institute of Technology (MIT), UC-Berkeley, Stanford University, Carnegie Mellon University, University of Southern California, and the University of Washington have decided to fix such a weakness and develop a crypto asset better than Bitcoin. The researchers are working together as Distributed Technology Research (DTR), a non-profit organization based in Switzerland and backed by hedge fund Pantera Capital. The first initiative of Distributed Technology Research is the Unit-e, a virtual coin that is expected to solve bitcoin’s scalability issues while holding true to a decentralized model and process transactions faster than even Visa or Mastercard. Babak Dastmaltschi, Chairman of the DTR Foundation Council, said: “The blockchain and digital currency markets are at an interesting crossroads, reminiscent of the inflection points reached when industries such as telecom and the internet were coming of age. These are transformative times. We are nearing the point where every person in the world is connected together. Advancements in distributed technologies will enable open networks, avoiding the need for centralized authorities. DTR was formed with the goal of enabling and supporting this revolution, and it is in this vein that we unveil Unit-e.” According to the press release, Unit-e will be able to process 10,000 transactions per second. That’s worlds away from the current average of between 3.3 and 7 transactions per second for Bitcoin and 10 to 30 transactions for Ethereum. Joey Krug, a member of the DTR Foundation Council and Co-Chief Investment Officer at Pantera Capital, believes that a lack of scalability is holding back cryptocurrency mass adoption. He said: “We are on the cusp of something where if this doesn’t scale relatively soon, it may be relegated to ideas that were nice but didn’t work in practice: more like 3D printing than the internet.” The project’s ideology is firmly rooted in transparency, with a belief in open-source, decentralized software developed in the public interest with inclusive decision-making. The core team of the project is based in Berlin. To solve the scalability problem, DTR has decided to develop the Unit-e with parameters very close to Bitcoin’s design, but many things will be improved. Gulia Fanti, DTR lead researcher and Assistant Professor of Electrical and Computer Engineering at Carnegie Mellon University, commented: “In the 10 years since Bitcoin first emerged, blockchains have developed from a novel idea to a field of academic research. Our approach is to first understand fundamental limits on blockchain performance, then to develop solutions that operate as close to these limits as possible, with results that are provable within a rigorous theoretical framework.” The launch of the Unit-e is planned for the second half of 2019. Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project
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BitPay CEO Says Bitcoin Is Solving Real Problems Around the World

BitPay co-founder and CEO, Stephen Pair, has recently commented that Bitcoin (BTC) is solving several issues around the world. He said that in a press release uploaded a […] The post BitPay CEO Says Bitcoin Is Solving Real Problems Around the World appeared first on UseTheBitcoin.
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Trillion Dollar Market Cap, Ethereum Chain Splits & Stellar Lumens Fund - Crypto News

In this video, Mattie gives you the latest bitcoin and crypto news. He talks about the ethereum chain splitting, BitGo CEO Says Institutional Money in Crypto Can ‘Easily’ Reach Trillions of Dollars, and a new Stellar Lumens fund. This is a daily segment! ----------------------------------------------------------------------------------- CHECK OUT OUR PODCAST: https://bit.ly/2sZCAiF New episode every Monday and Friday! ----------------------------------------------------------------------------------- Check out Altcoin Buzz Ladies! https://www.youtube.com/channel/UCxulvI2C9wUvvDDNS7S35fA/videos ---------------------------------------------------------------------------------- Connect with us on Social Media: Twitter: https://bit.ly/2GDAoCp Facebook: https://bit.ly/2wYksLB Telegram: https://bit.ly/2IAqDuI ---------------------------------------------------------------------------------- Looking for the best cryptocurrency wallets? Check these out: BitLox: https://bit.ly/2rWQnHa CoolWallet S: https://bit.ly/2Liy5bv Trezor: https://bit.ly/2IXrZic Ledger Nano S: https://bit.ly/2IyE3al KeepKey: https://bit.ly/2x5TlhM Read about them here: https://bit.ly/2rTdthZ --------------------------------------------------------------------------------- References: Leading Crypto Asset Manager Grayscale Launches Stellar Lumens Trust https://www.altcoinbuzz.io/crypto-news/finance-and-funding/leading-crypto-asset-manager-grayscale-launches-stellar-lumens-trust/?fbclid=IwAR2AlAU_C_8Mm9CUm2hDci0pmdW3pvLzphS-BSy888SzDptaXMeifxZgJ1I Crypto Investment Firm Grayscale Launches Fund Dedicated to Stellar Lumens (XLM) https://www.cryptoglobe.com/latest/2019/01/crypto-investment-firm-grayscale-launches-fund-dedicated-to-stellar-lumens-xlm/ Grayscale Tweet https://twitter.com/GrayscaleInvest/status/1085904356635959297?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1085904356635959297&ref_url=https%3A%2F%2Fwww.altcoinbuzz.io%2Fcrypto-news%2Ffinance-and-funding%2Fleading-crypto-asset-manager-grayscale-launches-stellar-lumens-trust%2F Grayscale https://grayscale.co/stellar-lumens-trust/ BitGo CEO Says Institutional Money in Crypto Can ‘Easily’ Reach Trillions of Dollars As Company Launches Cold Storage Trading https://dailyhodl.com/2019/01/17/bitgo-ceo-says-institutional-money-in-crypto-can-easily-reach-trillions-of-dollars-as-company-launches-cold-storage-trading/ Crypto’s Billion-Dollar Theft Problem Prompts Safer Way to Trade https://www.bloomberg.com/news/articles/2019-01-16/crypto-s-billion-dollar-theft-problem-prompts-safer-way-to-trade Ethereum Chain Splits, An Estimated 10% of Miners Stay on Constantinople https://www.trustnodes.com/2019/01/17/ethereum-chain-splits-an-estimated-10-of-miners-stay-on-constantinople Ethereum Upgrade – Constantinople Hard Fork Delayed https://www.altcoinbuzz.io/crypto-news/product-release/ethereum-upgrade-constantinople-hard-fork-delayed/ VanEck to Nasdaq: Bitcoin Market Structure Expected to Improve in 2019 https://www.newsbtc.com/2019/01/17/vaneck-to-nasdaq-bitcoin-market-structure-expected-to-improve-in-2019/ Nasdaq Tweet https://twitter.com/Nasdaq/status/1085522054559031296?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1085522054559031296&ref_url=https%3A%2F%2Fwww.newsbtc.com%2F2019%2F01%2F17%2Fvaneck-to-nasdaq-bitcoin-market-structure-expected-to-improve-in-2019%2F -------------------------------------------------------------------------------- DISCLAIMER The information discussed on the Altcoin Buzz YouTube, Altcoin Buzz Ladies YouTube, Altcoin Buzz Podcast or other social media channels including but not limited to Twitter, Telegram chats, Instagram, facebook, website etc is not financial advice. This information is for educational, informational and entertainment purposes only. Any information and advice or investment strategies are thoughts and opinions only, relevant to accepted levels of risk tolerance of the writer, reviewer or narrator and their risk tolerance maybe different than yours. We are not responsible for your losses. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence and consult the financial advisor before acting on any information provided. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
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