Saudi Aramco invested heavily into blockchain platform to increase its efficiency

Recently, we saw a massive surge in companies investing in cryptocurrency. Similar to Tesla and Grayscale Aramco has plans to join that list. Aramco has already invested a good amount of money in different crypto-based platforms. In a recent interview, the company officials revealed something very interesting. With this, it is set to become one of the largest energy manufacturers working with digital aid.

The company is looking to use advanced digital technology. This will provide more efficiency and better sustainability. That’s not all. Aramco is also utilizing high-tech innovations, thereby streamlining the business processes. This move is also said to reduce their maintenance cost.

About Aramco

Aramco is one of the highest valued brands in the middle east with over 37.5 billion in valuation. Even after the massive pandemic crisis in the energy sector. Aramco was able to retain its value, where the brand value of Aramco fell by 20%.

How much did Aramco Invest?

Aramco is a Saudi-based oil producer and trader. As per reports, Aramco invested $5 Million in VAKT which is a blockchain-based platform. In addition, Aramco has also stated it will use VAKT for trading purposes. With this Aramco has laid a path to introduce blockchain in the Oil and Gas market.  Also, VAKT announced that it will use this financial aid for the betterment of its technology.

They are also working with major business persons. This will allow them to understand and enhance this technology. Recently, with IBM on their side, Aramco publicized its platform based on Blockchain. This will allow them to target markets for blockchain solutions. With this investment, they are also planning to enter the Asian market.

What is the Motive of Aramco?

Data Gumbo is another venture with an investment from Aramco. It also works similarly. Therefore, it’s clear that Aramco is trying its best to remove paper-based verification.

In addition, they are also planning to enter the Asian market. This technology can do wonders for traditional traders. As it adds more value to their workings. VAKT can make data validation and processing completely digital. This eradicates the need for manual verification which was very time taking.

With Aramco, onboard VAKT now has 13 major investors under its belt. This includes many big companies like Chevron, Shell, Reliance., Total, Koch, etc.

How is Aramco Using Blockchain?

Aramco is one of the few companies using the Blockchain deployment kit. This allows the company to utilize technology-based revolutions much quicker in their work. It was also in Forbe’s top-50 companies using blockchain. Aramco was the only company from the middle east to make that list.

The company uses blockchain to analyze and validate certificates presented by workers, & contractors. Previously, it took them days to verify the same information. However, the latest blockchain verifier will help the company to create and maintain a more streamlined approach. What’s more? This innovation reduced their time to verify by 90%.