Saudi oil giant Aramco is advancing its plans to become the world's leading digitized energy company by leveraging innovative technologies to improve efficiency, safety and sustainability.
The company is using blockchain technology to standardize business processes to increase efficiency and reduce costs. Blockchain benefits include cybersecurity, data resilience, privacy, better data quality, and less fraud.
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 verify diplomas and certificates of new employees and contractors. “This is a very time consuming process. . . Since its implementation in June 2020, Blockchain Certificate Verifier has introduced an efficient and secure verification environment and reduced 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 test the World Economic Forum's Blockchain Implementation Toolkit, which gives businesses the skills to adapt. technology to your processes.
As a result of these advancements, Aramco was included in Forbes magazine's Top 50 Blockchains list in 2021, a global ranking of companies that are the most advanced on blockchains, and is the only Middle Eastern company on the list.
Also, Aramco has maintained its position as the most valuable brand in the Middle East, with the Brand Finance Global 500 2021 report valuing the Kingdom's oil giant at $ 37.5 billion, despite a 20 percent drop in the value of the brand.