09-01-2020 icon

OPEC to Discuss the Role of Blockchain Technology at Energy and IT Workshop

By Sagetwriter
OPEC Blockchain Technology

The Organization of Petroleum Exporting Countries (OPEC) has announced its Second Virtual Workshop on Energy and Information Technology scheduled for September 21, 2020.

This year’s videoconference will see blockchain technology discussed among a list of key energy and tech related topics to be addressed. The event will have in attendance industry experts from OPEC member Countries, international organizations, other oil-producing and consuming nations.

A snippet of the official notice reads:

“The aim of the workshop is to discuss and exchange information on a number of key topics relevant to energy technology and innovation. This year‚Äôs event has a wide-reaching agenda encompassing topics, such as the future of blue hydrogendigitalization in the energy sector, as well as cyber security and blockchain technology.”

The announcement reveals that the organization will focus on the possible benefits of blockchain technology in streamlining the supply chain process and paperwork of the energy and oil industry.

OPEC secretary general Mohammad Sanusi Barkindo is quoted:

‚ÄúThe¬†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.”

“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.‚Ä̬†

The virtual meeting will also feature discussions on other emerging technologies such as blue hydrogen, digitization of the energy industry, and cyber security.

Blockchain Technology, Supply Chains, and the Energy Sector

Following the use of Blockchain tech across various industries for product traceability, verification, and supply chain efficiency, the oil industry looks to be its latest beneficiary; as companies and organizations seek ways to improve in distribution by eliminating manual or paper-based processes.

At this time, blockchain technology has been used in various human sectors from food tracing, to real estate, oil & gas, automobiles, fashion, and identity (ID) systems, the tech is offering solutions to the security and verifiabilty challenges of these industries.