In line with its Vision 2030 commitment to become the world leader in blockchain adoption, Saudi Arabia’s state-owned Aramco oil company is partnering with Nick Spanos and his company Zap.org to put Saudi oil industry management and accounting on the blockchain.
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Second only to the U.S. in world oil production, Saudi Arabia sees an opportunity to pull ahead and become the number one oil producer in the world.
Saudi Arabia’s petroleum sector accounts[2] for 42 percent of the country's Gross Domestic Product, 87 percent of their budget revenues and 90 percent of export earnings.
In an interview with Bitcoin Magazine, Nick Spanos, CEO and co-founder of Zap.org[3], and founder of Blockchain Technologies Corp and the Bitcoin Centre NYC, talked about the Saudis’ enthusiasm for blockchain technology:
“Saudi Arabia is kicking the tires, and that’s huge. As part of their ambitious Vision 2030, Saudi Arabia as a whole is doing everything it can to modernize and diversify their economy. It means they’re open to doing things differently — and to doing big things with blockchain,” said Spanos.
Everyone we meet is thrilled about the potential of blockchain. It’s not just for oil, and you’ll see a lot come from here very soon.
Eliminating Fraud and Human Error in the Oil Industry with EnergyLedger
Spanos is working with the Aramco company to build a secure supply management chain and smart contracts on the blockchain using a DApp called EnergyLedger. As Spanos explains:
“Since the beginning of oil production, there’s never been a way to truly secure and track the process to prevent fraud, nor any way to automate the chain-of-custody and settlements to virtually eliminate the window for human error. All of this is now possible.
“Zap.org’s next-generation smart contracts
