Blockchain technology arrives at OPEC in its second virtual workshop

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As we have commented before, adaptation to new technologies is fundamental for survival. For this reason, the Organization of Petroleum Exporting Countries (OPEC) will hold its second virtual workshop on the benefits of integrating Blockchain technology in the oil industry.

We must remember that OPEC describes itself as a permanent intergovernmental organization, with 13 oil-exporting developing countries.

These nations include Algeria, Angola, Congo, Saudi Arabia, and the United Arab Emirates. Including Gabon, Equatorial Guinea, Iraq, Iran, Kuwait, Libya, Nigeria and Venezuela.

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Blockchain technology arrives at OPEC
A recent announcement indicated that the next videoconference is scheduled for Monday, September 21, 2020. However, different actors of the industry, such as specialists and international organizations, will explore how the Blockchain technology would be very useful for the energy and oil sector.

Certainly, this event is part of the ongoing research program of the OPEC Secretariat. As a result, it holds workshops and technical meetings, which act as a forum for discussion and information exchange.

Objective of the workshop

As mentioned, the objective is to discuss and exchange information on a number of topics related to energy technology and innovation.

For this reason, the event has a wide ranging agenda. It covers topics such as the future of blue hydrogen and digitalization in the energy sector. As well as cyber security and Bitcoin Rush technology.

In this regard, Mohammad Sanusi Barkindo, secretary general of OPEC said:

„The energy industry, particularly the oil sector. It has always been eager to use the latest technologies. To improve the efficiency and effectiveness of its operations“.

In his statements, the OPEC Secretary General also stressed that, the organization is constantly studying and researching new emerging technologies. In particular, in the development of Blockchain technology.

He added: „We at OPEC constantly review and analyze the latest technologies. As their impacts on various sectors, including the supply chain. These technologies have changed us a lot. We hope they will continue to do so in the future.

Undoubtedly, through this technology, the energy industry will be able to improve its performance. Since it allows to reduce costs, ensure transparency in their processes.