By
Godfrey Benjamin
April 12th, 2024
The plausible move by OPEC to consider the integration of blockchain to bolster its supply chain is a use case of the technology with enough precedents.
Blockchain technology will be one of the focus topics at the forthcoming videoconference workshop of the Organization of Petroleum Exporting Countries (OPEC). According to the organization, the meeting scheduled to hold on September 21, 2020, is aimed at discussing and exchanging information on a number of key topics relevant to energy technology and innovation.
The workshop which will be attended by a number of industry experts ranging from OPEC Member Countries, other oil-producing and consuming nations, international organizations, and leading global corporations will consider the opportunities inherent in blockchain technology to boost supply chain in the oil industry.
Other key topics that will be discussed in addition to blockchain technology include; the future of blue hydrogen, digitalization in the energy sector, as well as cybersecurity.
“The energy industry, particularly the oil sector, has always been eager to utilize and develop the latest cutting-edge technologies to improve efficiency and effectiveness of its operations, along with its environmental credentials,” OPEC Secretary-General, Mohammad Sanusi Barkindo explained. He added:
“We, at OPEC, constantly review and analyse the latest technologies emerging in our industry and their impacts on the various sectors, including the supply chain. These technologies have changed us a lot, and we expect them to continue doing so in the future.”
OPEC Blockchain for Supply Chain Boost: Trend with Precedent
The plausible move by OPEC to consider the integration of blockchain to bolster its supply chain is a use case of the technology with enough precedents.
Earlier in August, Coinspeaker reported the plan by the Coca-Cola Co (NYSE: KO) to adopt a blockchain protocol to boost transparency in its supply chain. Besides other firms that have utilized blockchain in its supply chain including the U.S. food giant J.M Smucker, oil-dependent firms including automobile companies like Mercedes‘ Daimler AG have explored the use of blockchain in their extensive supply chain networks.
Following the meeting, blockchain centric countries in the OPEC may come to collaborate on the grand plan for a functional supply chain network development using blockchain technology.
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