Aside from the usual frisson of seeing Finboot’s name in print in SABIC’s public quarter three 2022 quarterly earnings report, I think it illustrates blockchain is increasingly seen as a hard-edged commercial “must have” lever to drive cost savings in supply chains whilst at the same time turbo charging the circular economy.
In its Q3 report SABIC states: “SABIC has launched a pilot project with technology company Finboot, advanced recycling pioneer Plastic Energy, and packaging specialist Intraplás to investigate the possibilities of blockchain technology to support end-to-end digital traceability of certified circular TRUCIRCLE™ feedstock in customer products. Tracing the journey of feedstock through the complex petrochemical value chain is currently a difficult undertaking and SABIC’s pilot is the first 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.” SABIC, third quarter 2022 highlights, page 3
SABIC’s blockchain pilot project, which started at the beginning of the third quarter of 2021, in July, is a collaborative effort involving Finboot, recycling pioneer Plastic Energy and packaging specialist Intraplás. Blockchain is bringing streamlined delivery processes, improved inventory management, increased transparency and traceability for certified circular plastic pellet feedstock used in customer products.
Following the journey of feedstocks through the complex production chain is tricky. To improve this process and the delivery of its circular / recycled feedstock to customers, SABIC has turned to blockchain.
“If you cannot measure it, you cannot change it” as mathematician Lord [absolute] Kelvin once said. Blockchain allows businesses to measure supply chain efficiencies and provides business with the only database technology that provides a time stamped immutable audit tracker. Every solution needs data – and data recorded accurately, monitored, managed and audited precisely for consumers, regulators, shareholders and internal stakeholders.
As with SABIC, Finboot effectively simplifies blockchain – the ultimate audit tracker – for business.
Juan Miguel Pérez Rosas, CEO at Finboot, 3 November 2022