Aramco investing in blockchain

Aramco logo

Aramco, the popular lead oil company from Saudi is investing some serious money with a goal to become the lead digitalized energy company in the world. They’re focused on leveraging and improving innovative technologies to help them increase their efficiency, sustainability, and safety.

Aramco is aimed at using blockchain to drastically change their business processes including improvement to their efficiency and reducing their cost at the same time. Blockchain comes with a lot of different benefits for the company including innovative data resilience, improved cybersecurity, privacy-focused data quality, and fraud reduction.

A spokesperson of Aramco said, “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.”

So far, Aramco has invested in two different blockchain platforms including VAKT and Data Gumbo. These platforms will help them with innovating their management by initiating automation of newer contracts and invoices. It’ll pretty much remove the need of using paper-based processes.

They’ve already used this particular technology to run background checks on their newer employees and contractors to verify their authenticity including certificates and diplomas. The spokesperson also added, ”This is a very time-consuming process . . . 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 percent for heavy equipment operator certificates.”

And as the outcome of their innovative decisions, Forbes Magazine’s 2021 block chain top 50 included Aramco in their list. The list included top-ranking companies across the world that are most advanced in blockchain technology. And Aramco is the only Middle Eastern company on that list.

In addition, Aramco has remained its position as the most valuable Middle Eastern brand with the report from Brand Finance Global 500 2021 which included the Kingdom’s lead oil company valuing about $37.5B despite their brand value dropping by 20 percent.