According to a company official, Saudi oil giant Aramco is making proposals to become the world's leading digital energy company by using advanced technologies to improve efficiency, security, and sustainability.
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To optimize efficiency and reduce costs, the company uses blockchain technology to standardize business processes. Cybersecurity, data sustainability, anonymity, improved data consistency, and avoidance of theft are all benefits of blockchain technologies.
Based on a leading daily, a spokesman 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, enabling Aramco to scale up its blockchain solutions."
To accomplish this aim, Aramco has invested in two blockchain networks, Data Gumbo and VAKT. This will accommodate and simplify new contracts and invoices, thereby reducing the need for paper-based applications.
The oil behemoth has used blockchain technology to run background checks on potential contractors and suppliers and verify their diplomas and qualifications.
The spokesman 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."
Aramco also took advantage of its relationship with the World Economic Forum to become one of the first companies to scale and pilot the Blockchain implementation toolkit of the World Economic Forum, which equips enterprises with the expertise they need to integrate technology into their operations.
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