Sabic Launches Blockchain Trial Project
Sabic, a global chemicals firm has launched a trial project to explore the potential of blockchain technology to support end-to-end digital traceability of circular feedstock in consumer products.
The pilot is launched with technology company Finboot, advanced recycling firm Plastic Energy, and packaging specialist Intraplas.
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 pilot is the first of its kind in the industry to trace the product from feedstock production to converter claims the company.
One of the key advantages of using blockchain technology to deliver sustainable solutions is its ability to validate sustainability proof points and organisations’ ESG credentials. This system reduces administrative efforts and is more reliable as there’s a reduced risk of human error.
Waleed Al-Shalfan, Vice President 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.”
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.