Sabic, a leading Saudi chemical manufacturing company, has launched a pilot project to explore the possibilities of blockchain technology in supporting end-to-end digital traceability of circular feedstock in customer products.
The project is launched with UK-headquartered technology company Finboot, advanced recycling pioneer Plastic Energy, and Portuguese packaging specialist Intraplás.
This 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.
“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 a 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.