Will the oil cartel put black gold on the blockchain?
The Organisation of the Petroleum Exporting Countries has announced that its Second Workshop on Energy and Information Technology will be held on Sep. 21 via videoconference.
This year’s event sees blockchain technology join the range of energy and tech-related topics to be discussed.
However, it is unlikely that the invited oil industry bigwigs will be discussing the energy consumption characteristics of cryptocurrency. The organization is more interested in streamlining aspects such as the supply chain, as OPEC secretary general Mohammad Sanusi Barkindo explained:
“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.”
Blockchain technology has brought supply-chain efficiencies to an ever-growing range of industries. From the traceability of coffee beans, to transparency in the recycling sector and efficiency gains in global shipping.
It seems that the oil industry may be the next in line to have its supply chain logistics reshaped by blockchain.
Part of the OPEC Secretariat’s ongoing research program, the energy workshop is designed to promote discussion and information exchange around emerging technologies in the energy industry.
Other topics scheduled to be covered at the event include the future of blue hydrogen, digitalization in the energy industry and cyber security.