OPEC Workshop Will Focus on Blockchain Integration with Oil Supply Chains

The Organization of Petroleum Exporting Countries (OPEC) has revealed that its forthcoming videoconference workshop will feature blockchain technology as one of the focus topics.

The blockchain workshop is billed to feature the sharing of information and technology by a number of industry experts from OPEC Member Countries, other oil-producing and consuming nations, international organizations, and leading global corporations. It is slated for September 21, 2020.

While the OPEC body has recognized the need to integrate blockchain technology as a ‘pressing issue’ in the energy industry, it’s consideration is in using the technology to enhance the global Supply Chain in the oil industry.

“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, noted in the official statement. Adding, He said; “We, at OPEC, constantly review and analyze 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.”

Besides blockchain use in the supply chain, OPEC also noted that it will discuss cybersecurity amongst others.

Blockchain Already Has Extensive Use in Supply Chain Networks

Prior to the consideration of utilizing blockchain technology in supply chain management by OPEC, a handful of industries are already pioneers in this regard. Coca-Cola’s partner, Coke One North America (CONA) announced earlier in August that it will use the enterprise Ethereum blockchain platform the Baseline Protocol—to enhance transparency and minimize friction in its supply chain transactions.

While the use of blockchain technology as a supply chain tracking tool for a major retailer like Coca-Cola, other firms including IBM, KPMG amongst others have also developed blockchain-based supply chain tracking systems with an encompassing usage.

Image source: Shutterstock