Saudi Aramco investing ‘significant amounts’ in blockchain platforms to increase efficiency

Saudi oil giant Aramco is moving ahead with plans to become the world’s leading digitalized energy company by leveraging innovative technologies to improve efficiency, safety and sustainability, a company representative told Arab News.

The company is using blockchain technology to standardize business processes to increase efficiency and reduce costs. Blockchain benefits include cybersecurity, data resilience, privacy, improved data quality and fraud reduction.

“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,” a spokesperson told Arab News in a statement.

To that end, Aramco has invested in two blockchain platforms: Data Gumbo and VAKT. These aid in the management and automation of new contracts and invoices, helping to eliminate the need for paper-based processes.

The energy giant has also used blockchain technology to conduct background checks and to verify the diplomas and certificates of new employees and contractors. “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,” the spokesperson said.

Aramco has also used 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, which gives company’s the skillsets needed to adapt the technology into its processes.

As a result of these strides, Aramco was included in Forbes Magazine’s 2021 blockchain top-50, a global ranking of companies that are the most advanced in blockchain, and it is the only company from the Middle East on the list.

Additionally, Aramco has maintained its position as the Middle East’s most valuable brand, with the Brand Finance Global 500 2021 report valuing the Kingdom’s oil giant at $37.5 billion, despite a 20 percent drop in brand value.
Source: Arab News