Finboot, founded in 2016, aimed to bridge the gap between blockchain's potential and its complexity to simplify and accelerate adoption. Initially focusing on financial services, we soon uncovered a wider range of opportunities, particularly within supply chain management. Blockchain has the power to enhance operational efficiency, foster new business opportunities, and support ESG and sustainability initiatives through increased transparency. Acknowledging the necessity for a brand refresh, we have developed a new corporate brand that highlights our evolution and illustrates our alignment with clients' needs and company strategy.
As part of our brand launch communication strategy, we hosted a live streamed event on LinkedIn and Youtube channels on June 14th at 5 p.m. CEST to showcase our brand through a new video. In that online event, I interviewed Juan Miguel Perez, co-founder and CEO of Finboot, and asked him about the role of digital technologies in helping industries achieve net zero, the impact of blockchain on ESG initiatives, the connection between blockchain and cryptocurrencies, and the future of blockchain and Web3. Juan shared insights on how Finboot is helping businesses across various industry segments transform their supply chains and move towards a more circular model.
In case you missed it, you can watch the recording here and check below for the main highlights from that conversation and interaction with the audience.
Juan highlighted the importance of companies setting net zero targets to drive a significant change in the global economy. With deadlines driven by market and regulatory changes, businesses need to adapt quickly to meet their goals. Monitoring, measuring, and reporting are crucial in the journey to net zero, and the complexity of these metrics makes them impossible to manage manually.
Digital initiatives, Juan explained, are already helping companies transform their monitoring and reporting processes, preparing them for full scalability. Digital technologies eliminate the limitations of manual processes and enable companies to accurately manage their net zero transformation.
When it comes to ESG initiatives, data security, auditability, and transparency are essential to ensuring trust. Juan emphasized that after monitoring, the most critical aspect is record keeping. Blockchain technology, with its immutable, distributed, and cryptographically secure database, offers a perfect solution for secure and transparent data management.
Finboot is already helping companies across industry segments deploy and grow digital traceability ecosystems to transform their supply chains. Juan Miguel mentioned SABIC, one of the world's largest chemical manufacturers, as an example of a company implementing Finboot's technology. SABIC tracks the use of circular and renewable raw materials, such as plastic waste, and traces it down to the brands and eventually the consumer. The ultimate goal is to provide consumers with visibility into the origin and composition of plastic packaging.
In addition to SABIC, Finboot has clients like global multi-energy provider Repsol, which has similar initiatives across other energy products. Beyond oil, gas, and chemicals, Finboot has experience in mining, steel, and aviation industries, demonstrating the versatility and potential of their technology.
JM explains that cryptocurrencies were the first application of blockchain technology, but the market has since grown to understand that the two are decoupled. Finboot has always been focused on the potential of the underlying technology, driven by its potential for climate action, and believes it will result in long-term and resilient value.
JM also discusses the relevance of Web3, which encompasses more than just blockchain and aims to integrate various digital technologies to enhance our digital experiences further. While supply chain management is currently the killer app for blockchain, Finboot is prepared to enable new applications powered by blockchain, and this is just the beginning of our journey.
The audience was engaged and sent their comments and questions. We chose some of the questions that Juan Miguel replied to during the live event:
Juan explained that the sectors that are adopting blockchain the fastest are supply chains in high-intensity capital industries with difficult to decarbonize and complex industrial segments, such as oil and gas, chemicals, construction, steel,and mining.
In terms of investment, he stated that implementing blockchain does not have to be expensive. Finboot has been assisting companies in implementing blockchain in a progressive manner, making it feasible for businesses of all sizes without the need for a large IT department and scaling it in accordance with the size of the company so that the value and impact of it on the business can be seen from an early stage of deployment.
This question was very interesting; it came from one of our advisors, Geoffrey Cann, who is also a well-known book author and expert on the oil and gas industry. Juan gave us a big yes on that, saying that for complex industrial processes, blockchain can create a digital representation of those workflows to track any kind of asset. And he also highlighted that Finboot is already doing that within the oil and gas and chemical industries, for example.
Juan believes that there will be a shift in job opportunities involving blockchain knowledge, with professionals moving into business areas rather than just the IT department, as is currently the case. Moreover, the growing demand for understanding how blockchain can impact businesses across sectors is an excellent hard skill and is paving the way for new, skilled, and well-paid job opportunities across diverse industries, resulting in a thriving employment landscape for professionals adept in this cutting-edge technology.
Finboot's approach to using blockchain technology is helping businesses around the world work towards achieving net zero and ESG initiatives. With secure, transparent, and auditable data, companies can effectively transition to more circular models and avoid accusations of greenwashing. By harnessing digital technologies and the power of blockchain transparency and traceability, Finboot is providing a vital tool for businesses to transform their supply chains and contribute positively to the global fight against climate change and social inequality.