The Abu Dhabi National Oil Company (ADNOC) joined to pilot a much-anticipated supply chain system. The company made this announcement through a published on Dec. 9. ADNOC is a state-owned oil company operating in the United Arab Emirates. The company is also a world leader of natural gas and about 3 million barrels of oil daily.
According to the press release, the projected has successfully:
“Provided a single platform that tracks the quantities and financial values of each bilateral transaction between the involved companies automating the accounting process”
Official Announcement
Abdul Nasser Al Mughairbi, the ADNOC Digital Unit Manager, made the project announcement recently in London. He was speaking at the World Energy Capital Assembly. Al Mughairbi illustrated his perception of the fundamental technology terming it as the first blockchain application in the oil and gas industry.
He said blockchain is a game-changer. It is set to significantly reduce the company’s operating costs through elimination of labor-intensive and time-consuming processes. The technology will strengthen the trading and marketing of ADNOC’s products simultaneously creating long-term sustainable values.
According to an IBM representative, Zahid Habib, the system will enhance the traceability of every oil molecule. Thus, the companies will determine the precise value of the oil from well to the consumer. Investors and customers will also have access to the data in future as reported by ArabianGazette. The transparency will eventually develop seamless integration among all stakeholders.
Benefits of the New System
There are other benefits that this system will bring to the operation of the company. According to the same press release:
“The system will reduce the time it takes to execute transactions between its operating companies and significantly increase operational efficiencies across its full value chain. It will also improve the reliability of production data by enabling greater transparency in transactions.”
The oil and gas sector is slowly embracing blockchain technology. Recently, there was a launch of a blockchain-based processing tool from in late November. The tool is designed for crude oil industry players including Shell, Equinor, Gunvor, BP, and Mercuria. The Abu Dhabi Global Market also successfully tested the blockchain-based system earlier in the week.
First Application Accounting
Although as the biggest Blockchain-as-a-Service Platform, IBM has turned its attention to the oil sector. The ADNOC project is regarded as the first application of blockchain-based oil and gas accounting platform. The regular price fluctuations and limited capacity for the natural resources prompted the UAE government to seek sustainable solutions.
The announcement is definitely excellent news for the entire crypto industry. It also unlocks the potential to digitally reinvent the ADNOC’s state-owned hydrocarbon value chain. Moreover, it adds a unique dimension to the company’s data visualization in their state-of-the-art Panorama Digital Command Center. The system undisputedly accelerates ADNOC towards their vision 2030.
Local reports have asserted that the Israel Tax Authority has launched a renewed crackdown on unreported cryptocurrency earnings. The Israeli tax regulator has opened hundreds of tax accounts and sent letters of notice to Israeli citizens suspected of failing to disclose earnings derived from cryptocurrency-relate activities.
Also Read:
Israel Tax Authority Targets Undisclosed Cryptocurrency Earnings
The Israel Tax Authority has launched an offensive designed to crack down on cryptocurrency earnings not reported by Israeli citizens, reportedly resulting in the opening of hundreds of tax accounts.
Citing an anonymous “Israeli official familiar with the matter,” local media outlet Calcalistech has that the Israel’s tax regulator has sent letters to citizens suspected of failing to report crypto income, as well as individuals who frequently travel overseas without possessing the required funds on paper and individuals who own more than three apartments.
Eran Yaakov, the head of the Israel Tax Authority, stated that the regulator will continue to actively target withheld cryptocurrency earnings moving forward.
Crackdown Expands on Previous Action Taken by Israel Tax Authority in May
In , the Israel Tax Authority announced that it would mandate the taxation of cryptocurrency as an asset, resulting in the introduction of a 25 percent capital gains tax for private investors and a 47 percent marginal rate for businesses. Additionally, individuals mining or trading cryptocurrencies through a business were made liable for Israel’s 17 percent value-added tax.
Soon thereafter, the Israel Tax Authority sought to crack down on undisclosed cryptocurrency earnings and holdings, issuing letters to citizens suspected of failing to divulge pertinent cryptocurrency-related activities in May of this year.
At the time, reported on rumors that undercover agents of the Israeli tax regulator were monitoring local groups for the peer-to-peer trade of cryptocurrencies on major social media platforms including Facebook, Whatsapp, and Telegram.
What do you think of Israel’s tax regime for cryptocurrency earnings? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, gov.il
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“Your health care data’s sold, it’s being sold for tons of money every year. People are making tons of money on it. You should be getting a cut, you should be getting rewarded for that.”
‘” Kamal Obbad
Data could quite possibly be the buzz-word of the 21st century. This is especially true in terms of health data, which is what this episode is all about. As a topic, health data is a behemoth not unlike the Death Star; so, we spend time in this episode pulling it apart piece by piece, and in the end, we may just have a happy ending via a hard to find thermal exhaust port…or at least blockchain technology.
Theme music provided by: David Berges and pond5, available at www.pond5.com. Additional music provided by Trent Ubben.
Distributed Dialogues is a BTC Media-produced podcast on The Let’s Talk bitcoin Network. Make sure to like and follow us on twitter @DistributedDD.
