Header

Ticker

6/recent/ticker-posts

Saudi Chemicals Company SABIC Launches Blockchain Pilot Project

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.


Saudi Chemicals Company SABIC Launches Blockchain Pilot Project


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.

Post a Comment

0 Comments