A Saudi Arabia-based chemical manufacturer has said its recently launched blockchain pilot is expected to uncover the possibilities of the technology “in supporting end-to-end digital traceability of circular feedstock in customer products.” The benefits expected to accrue from using blockchain include reduced costs and time as well as improved data integration.
End-to-End Digital Traceability
A Saudi Arabian chemicals manufacturer, Saudi Basic Industries Corporation (SABIC), recently said it had launched a blockchain pilot project in conjunction with the technology firm Finboot. According to the chemicals producer, the objective of the pilot is to “investigate the possibilities of blockchain technology in supporting end-to-end digital traceability of circular feedstock [raw materials] in customer products.”
In a press statement, SABIC said the current process of tracing the journey of feedstock is made difficult by the complex petrochemical value chain. Therefore, through the pilot, SABIC, which is 70% owned by Saudi Arabia’s oil giant Aramco, plans to “trace the product from feedstock production to [the] converter, going further than previous industry applications of blockchain in end-to-end tracing.”
The blockchain pilot is expected to reduce costs and time, as well as improve data integration, the statement said. The company also hopes the pilot will help reduce administrative efforts related to the certification process of materials.
Potential of Blockchain
In remarks following the announcement of the pilot’s launch, Waleed Al-Shalfan, the vice president of Polymers Technology & Innovation at SABIC said:
At SABIC, we have a deep commitment to innovation and technology that can help us to deliver more sustainable solutions to our customers. Our vision to create a circular economy for plastics requires a total transformation of the value chain, and pioneering partnerships with partners both upstream and downstream. Blockchain technology holds exciting potential for the provision of our TRUCIRCLE products to customers, and therefore for our commitment to supporting customers in their sustainability ambitions.
Juan Miguel Pérez Rosas, CEO of Finboot, said the pilot will “contribute to the development and progression of a circular economy.”
According to the press statement, Finboot’s MARCO software will be used as a “middleware layer” that tracks the product from Plastic Energy where it’s produced, to its delivery to SABIC for conversion into its Trucircle circular polymers. The delivery of circular polymers to Intraplás “for conversion into their packaging solutions” will also be tracked.
Throughout the process, the technology will ensure the immutability of all collected data that must be distributed to suppliers, customers, and regulators. This, according to the press statement, provides “transparency, auditability and accountability in a complex industrial ecosystem.”
What are your thoughts on this story? Let us know what you think in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Credit: Source link
