Saudi’s SABIC Unveils Blockchain ProjectJuly 22, 2022
A chemical manufacturing company in Saudi Arabia, SABIC, has recently unveiled a blockchain project. The company said its pilot project is aimed at revealing the possibilities of technologies supporting digital traceability. It will especially focus on end-to-end user products.
Saudi Basic Industries Corporation announced its new blockchain pilot. It is carrying the project out in collaboration with Finboot, another tech firm. SABIC said the first goal of setting out on the project is investigative.
The chemical company hopes to find the possibility of blockchain tech supporting digital traceability. Not just on the surface level but as an end-to-end endeavor involving raw materials in products.
SABIC commented via a press release on tracing raw materials. It said the current method of tracing the journey of raw materials is difficult. More so by the complexity of the petrochemical industry’s value chain.
Therefore, SABIC aims to, through the project, trace products from raw materials production to conversion. That will go further than the initial applications of the blockchain in the industry. 70% of SABIC is owned by the Saudi oil company, Aramco.
The blockchain project is also going to cut the time and cost of data integration. SABIC hopes further that the project will decrease administrative efforts over materials certification.
The VP of SABIC’s Polymers Technology & Innovation, Waleed Al-Shalfan commented after the unveiling. He said SABIC has a deep commitment when it comes to technology and innovation. The goal of the company is to deliver sustainable solutions to its customers.
He said further that the company’s vision to create an economy for plastics needs transformation. It also requires that SABIC pioneer partnerships on all sides. Blockchain technology has great potential for producing TRUCIRCLE items for users, he said.
Al-Shafan emphasized the company’s commitment to supporting customers with their sustainability goals.
Finboot’s CEO, Juan Miguel Rosas, also passed his comments at the unveiling. He said the project will add to the progress and development of a liberal economy.
The press release has it that Finboot’s software, MARCO, will be deployed as a middle-ware layer. It will track products from where they are produced to their delivery at SABIC. That is where they will be converted into Trucircle polymer products.
It will also track SABIC’s circular polymer delivery to Intraplas. They will be converted to packaging products at Intraplas.
The technology will ensure all data are intact throughout the process. The data will eventually be distributed to regulators, suppliers, and customers. This will provide transparency, accountability, and audits in the complex industry, the release stated.