Sabic launches blockchain pilot project with several partners
publié le lundi 25 juillet 2022
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Sabic has launched a pilot project with technology company Finboot, advanced recycling pioneer Plastic Energy, and packaging specialist Intraplás to investigate the possibilities of blockchain technology in supporting end-to-end digital traceability of circular feedstock in customer products.
Tracing the journey of feedstock through the complex petrochemical value chain is currently a difficult undertaking. To improve this process and support the delivery of its circular feedstock to customers – part of Sabic’s Trucircle™ portfolio and services –, Sabic has launched this pilot project to demonstrate the feasibility of using a blockchain-based, value-chain IT application. Sabic’s is the first project of its kind in the industry to trace the product from feedstock production to converter, going further than previous industry applications of blockchain in end-to-end tracing. The platform offers reduced costs, time and improved data integration for all value chain partners.
Another of the key benefits of blockchain technology in the delivery of more sustainable solutions lies in its ability to validate sustainability proof points and organizations’ ESG credentials. This is of significant benefit to all members of the value chain, including external parties, as it reduces the administrative efforts associated with the certification process of materials. It is also a more reliable process, due to the reduced risk of human error.
Finboot’s Marco software solution acts as middleware layer and will track the Tacoil produced by Plastic Energy from their recycling process, the delivery of this oil to Sabic for conversion into its Trucircle circular polymers, and finally the delivery of the polymers to Intraplás for conversion into their packaging solutions. The technology also ensures that all data gathered remains immutable while shared across suppliers, customers and regulators – providing transparency, auditability and accountability in a complex industrial ecosystem.
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