Saudi Chemicals Company SABIC Launches Blockchain Pilot Project
A Saudi
Arabia-based chemical company has recently launched a blockchain pilot project that is
expected to disclose 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
Saudi Arabian
chemicals company, Saudi Basic Industries Corporation (SABIC), has recently
launched a blockchain pilot project with the technology firm Finboot. The
objective of the pilot project is to "investigate the possibilities of
blockchain technology in supporting end-to-end digital traceability of circular
feedstock [raw materials] in customer products."
SABIC announced
in a press statement that the current process of tracing the journey of
feedstock is difficult due to the complex petrochemical value chain. 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," in
the pilot project.
The
blockchain pilot is expected to reduce costs and time while improving data
integration, the statement said. The company also hopes the pilot project will
help reduce administrative efforts related to the certification process of
materials.
Blockchain Potential
In his
remarks following the announcement of the pilot project, 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
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 will
provide "transparency, auditability, and accountability in a complex
industrial ecosystem," the press statement said.
0 Comments