Skip to main content

Saudi Chemicals Producer SABIC Launches Blockchain Pilot Project

http://motleybloggers.com/wp-content/uploads/2022/07/saudi-chemicals-producer-sabic-launches-blockchain-pilot-project.jpg





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.”




Tags in this story

What are your thoughts on this story? Let us know what you think in the comments section below.








Terence Zimwara


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

















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. MotleyBloggers.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.




Read disclaimer




Origina post from
https://motleybloggers.com/saudi-chemicals-producer-sabic-launches-blockchain-pilot-project/

Comments

Post a Comment

Popular posts from this blog

A Jacobin Podcast Review: Critiques on Crypto and Sterlin’s Response

https://motleybloggers.com/wp-content/uploads/2022/01/a-jacobin-podcast-review-critiques-on-crypto-and-sterlins-response.jpg The following opinion editorial is a Jacobin Podcast review written by the author Sterlin Lujan , the chief risk officer with Cryptospace. The Jacobin Podcast episode called: “ Dig: Cryptocurrency w/ Edward Ongweso Jr & Jacob Silverman, ” touches upon “cryptocurrency, NFTs, Elon Musk, the metaverse, meme stocks, and techno-utopianism amid the crushing reality of our neoliberal hellscape.” Cryptocurrency isn’t fringe technology anymore. Over the last decade, it has become embedded into finance, culture, and even our social life. It’s drastically changing the way we think about money, economics, and human action. However, some people, primarily on the left, are skeptical of cryptocurrency. Many of them hate it, regardless of how much of a godsend it has been for many. My friend, thought leader, author, and psychedelic visionary, Daniel Pinchbeck, pointed out a
Post a Comment
Read more

P2P Bitcoin Traders in Nigeria Think Outside the Box in the Wake of CBN Restrictions

After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency industry, bitcoin and altcoin trade volumes on centralized exchanges immediately plunged. Nevertheless, the new regulations seem to have succeeded in boosting crypto trade volumes on informal markets or on peer-to-peer trading platforms. Nigerian Crypto Traders Get Creative Still, the increasing trades on informal platforms have also led to increased reports of users losing money to con artists. Moreover, with the CBN seemingly eager to see volumes of crypto trades plummet, Nigerian users had to find ingenious but legal ways of getting around the central bank’s imposed restrictions. As shown in one local report , one such legal way is through an app created by one local crypto start-up, Patricia. According to the report, this application is already enabling Nigerian users to buy or sell their crypto assets securely and without running afoul of CBN regulations. Therefore, in this report, we relis
Post a Comment
Read more

‘Bitcoin Is Dead’ Google Searches Skyrocket, Bitcoin Obituaries Records 15 Deaths This Year

https://motleybloggers.com/wp-content/uploads/2022/06/bitcoin-is-dead-google-searches-skyrocket-bitcoin-obituaries-records-15-deaths-this-year.jpg According to the Bitcoin Obituaries list, bitcoin has died 15 times in 2022, and the last obituary written about bitcoin’s death was on June 18, in a recent statement that said: “Bitcoin Will Not Recover.” Interestingly, Google Trends data shows that the search phrase “bitcoin is dead,” is estimated to hit an all-time high this week. The Old Saying ‘Bitcoin Is Dead’ Comes Back to Life In recent times, you may have heard the phrase “bitcoin is dead,” or something similar. A great number of people truly believe that bitcoin is dead while many believe the crypto asset is the future of money. The past two weeks have been gruesome for bitcoin as prices dropped to a low of $17,593 per unit. The analytics company Glassnode shows the losses during the last three days have been massive. “The last three consecutive days have been the largest USD deno
Post a Comment
Read more