OPEC to Analyze Blockchain Technology in its Second Workshop on Energy and IT

The OPEC stated that it would discuss the possibilities of blockchain technology in its Second Workshop on Energy and Information Technology.

By · Aug 31, 2020 . 5min read

OPEC Blockchain technology

The Organisation of the Petroleum Exporting Countries has announced its Second Workshop on Energy and Information Technology. It will be held on September 21 via video conference. The OPEC stated that it would examine the future of blue hydrogen, digitalization in the energy sector, and cyber security and blockchain technology.

 Its Secretary-General Mohammad Barkindo stated the oil and gas sector has always been enthusiastic about using the latest technologies to improve productivity. According to OPEC, the workshop intends to address and exchange information on several topics relating to energy, technology, and innovation. 

OPEC expressed itself as a perpetual inter-governmental organization of 13 oil-exporting developing nations. It includes Nigeria, Equatorial Guinea, Algeria, Angola, Congo, Gabon, Iran, Iraq, Kuwait, Libya, Saudi Arabia, United Arab Emirates, and Venezuela. Additionally, owing to the COVID-19 pandemic, the group has attended its last few meetings by video conference. Moreover, various oil and gas events have also gone down the implicit route in acknowledgement of the pandemic.

Blockchain Technology and Oil Industry

Blockchain technology has brought supply-chain efficiencies to an ever-growing spectrum of industries. From coffee beans’ traceability to transparency in the recycling sector and efficiency gains in the agricultural industry, it has promoted all. It appears that the oil industry may be the next to have its supply chain logistics restructured by the blockchain. Additionally, a part of the OPEC Secretariat’s ongoing research program, the energy workshop, fosters discussion about emerging technologies in the energy industry.

OPEC further said that it is inviting experts from OPEC member countries to the workshop. Additionally, it will also invite other oil-producing and consuming nations, international organizations, and leading global corporations. Further, the event is part of OPEC’s ongoing research program. The group announced that it holds workshops and technical meetings that acts as a conference. Through meetings, it discusses some of the most constraining problems of the energy industry.

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