Energy Group OPEC Will Discuss Blockchain for Supply Chains at Virtual Meeting
Blockchain technology already underpins the sophisticated networks that manage payments, sales, trading, and the supply chain. Many utilities are already using the technology to safeguard vital processes that help deliver energy to commercial and residential customers. Blockchain can help streamline transactions and cut costs, blockchains and smart contracts could help to remove pain points and friction throughout the power value chain, according to Kimberly Henderson, Emily Knoll, and Matt Rogers writing for McKinsey.
“Blockchain can enable more efficient monitoring and maintenance of power-industry infrastructure, based on secure, real-time data communicated by sensors,” they wrote. “If an anomaly is detected, maintenance can be facilitated and paid for by smart contracts, leading to faster response times. Data is secure because it is only available to nodes in the blockchain network.”
The Organization of Petroleum Exporting Countries (OPEC) recently announced that blockchain will be one of the focus topics at the group’s forthcoming videoconference workshop. During its September 21, 2020 meeting, the group will be discussing and exchanging information on blockchain technology as it is relevant to energy technology and innovation.
“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,” said OPEC Secretary-General, Mohammad Sanusi Barkindo. “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.”
Following the meeting, blockchain centric countries in the OPEC may come to collaborate on the grand plan for a functional supply chain network development using blockchain technology. Other key topics that will be discussed in addition to blockchain technology include; the future of blue hydrogen, digitalization in the energy sector, as well as cybersecurity.
Edited by Maurice Nagle
