The blockchain pilot project is launched in partnership with packaging expert Intraplás, technology firm Finboot and recycling firm Plastic Energy
The project intends to create transparency and traceability for certified circular feedstock used in SABIC’s TRUCIRCLE solutions. (Credit: SABIC)
Chemical manufacturing company SABIC has introduced a pilot project to study the use of blockchain technology in end-to-end digital traceability of circular feedstock in customer products.
The blockchain pilot project is launched in partnership with packaging expert Intraplás, technology firm Finboot and recycling firm Plastic Energy.
SABIC aims to demonstrate the viability of employing a blockchain-based, value-chain IT application to streamline the tracing procedure.
The project is said to be the first of its kind in the industry to trace the product from feedstock production to converter, going goes beyond previous industry applications of blockchain.
It aims to create additional transparency and digital traceability for certified circular feedstock used in SABIC’s TRUCIRCLE solutions.
The technology provides decreased costs, time commitments, and greater data integration for all value chain participants.
It will also help validate sustainability proof points and organisations of ESG credentials.
All participants in the value chain, including outside parties, stand to gain significantly from the technology as it reduces the administrative burden of the certification of materials.
According to the chemical firm, the procedure is also more dependable because there is less chance of human error.
SABIC polymers technology and innovation vice president Waleed Al-Shalfan 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.”
The MARCO software solution from Finboot will track the TACOIL produced by Plastic Energy during recycling, the delivery of the oil to SABIC, and finally the delivery of the polymers to Intraplás for the creation of packaging solutions.
Additionally, the technology makes sure that all data is immutable while being shared across suppliers, clients, and regulators, ensuring accountability, transparency, and auditability in a complicated industrial environment.
Finboot CEO Juan Miguel Pérez Rosas said: “We are excited to embark on this pilot as it will significantly contribute to the development and progression of a circular economy, while setting the example for best practice for the global manufacturing sector.
“SABIC is at the forefront of its industry, always looking to the future and investing in technology and innovation to accelerate its digital transformation that supports the circular economy.”