Friday, March 29, 2024

Saudi Aramco

by Hideo Nakamura
Saudi Aramco

Saudi Aramco is the state-owned oil company of Saudi Arabia. It was founded in 1933 and has since become one of the largest global energy companies, producing approximately 10 percent of the world’s crude oil supply. In addition to its traditional business activities, it also holds interests in downstream operations including refining, distribution, marketing and retailing of petroleum products. It has a market capitalisation estimated at over $1 trillion USD making it one of the most valuable publicly traded companies in the world.

As a leader in international energy markets and an innovator when it comes to digital technologies, Saudi Aramco is increasingly turning its attention towards cryptocurrency initiatives as part of its strategy for growth into new markets. In 2018 they announced their intention to establish a subsidiary dedicated to developing blockchain technology solutions for use within their own businesses as well as providing services for other organisations looking to leverage distributed ledger technology (DLT). This subsidiary will be known as “Aramco Blockchain Services” or ABS for short.

The primary purpose behind this venture is twofold; firstly by creating an infrastructure that allows real-time transaction processing with enhanced security features such as encryption and authentication protocols which are designed specifically for DLT applications; secondly by increasing operational efficiency through data sharing between different departments within Saudi Aramco’s corporate structure utilising smart contracts on a blockchain platform where applicable.

In order to ensure that these objectives are met, ABS will initially focus on three core areas: development & implementation support services; consultations & advisory services; research & development into advanced technologies such as artificial intelligence (AI) and machine learning (ML). These efforts should result in improved customer experience due to faster processing times while still maintaining strict compliance requirements around data privacy regulations set out by various governing bodies across multiple jurisdictions globally.

This initiative signals a significant shift away from traditional methods employed by major corporations operating within today’s energy sector which could potentially have far reaching implications both domestically and abroad depending upon how quickly this technological revolution takes hold throughout industry incumbents worldwide who may find themselves left behind if they do not move fast enough adopt similar strategies themselves or risk being relegated backwaters whilst newer disruptors take advantage more agile system frameworks available thanks advances made possible through blockchains adoption rate skyrockets moving forward into future decades ahead us all

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