Saudi Aramco comments on its current blockchain adoption and strategy to expand in the future
Aramco has the ambition to become the world’s leading digitalized energy company, as it wants to leverage innovative technologies to improve efficiency, safety and sustainability. Blockchain technologies are being utilized in different parts of the Company to reimagine and standardize business processes to ultimately increase efficiency and deliver cost savings. Other blockchain benefits include cybersecurity, data resilience, privacy, improved data quality, and fraud reduction.
Aramco’s Blockchain adoption strategy involves a holistic approach that includes four streams: Build Solutions, Consume Available Sources, Join Consortiums and Investment in Startups. Aramco is investing significant amounts in blockchain technology and is working closely with its business partners to encourage and prepare them for adopting the technology. Aramco deployed its corporate blockchain platform in partnership with IBM, which enables Aramco to scale up its blockchain solutions.
Examples of blockchain developments at Aramco
Aramco conducts many background checks every year to verify diplomas and certificates of new employees and contractors. As this is a very time consuming process, Aramco deployed its first version of the Blockchain Certificate Verifier. Since its deployment in June 2020, the Blockchain Certificate Verifier has introduced an efficient and secure verification environment and cut verification time by more than 90% for heavy equipment operator certificates.
Aramco has leveraged its partnership with the World Economic Forum to become one of the first entities in the region to scale and pilot the World Economic Forum’s Blockchain deployment toolkit.
The Aramco Trading Company (ATC) has recently invested in Blockchain platforms VAKT and Gateway. VAKT is expected to help improve post-trade processes with regards to contracts, all aspects of logistics, invoicing data and settlements. The use of Gateway is being explored by ATC to further enhance efficiency and reduce the risk of fraud with Bill of Lading documents.