How Blockchain can help heavy industry become more efficient and decarbonise

“Industrial sectors such energy, steel, chemical and cement, with complex supply chains are turning to new technologies to improve efficiency of their value chains”, writes Juan Miguel Pérez Rosas, CEO, Finboot

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From speaking with its customers, Finboot understands how businesses are struggling with the digital transformation of their supply chains and the substantial changes they need to make in terms of becoming more transparent and sustainable – from both an ESG and cost saving standpoint.  Blockchain holds the key to business becoming more sustainable and efficient.

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Finboot is a member of New York based Digital Supply Chain Institute (DCSI).  DSCI members have reported that blockchain is the ‘killer app’ when it comes to highlighting pressure points across their value chains. 

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The nature of blockchain as an immutable single source of truth means it is tamperproof and can help build trust – particularly when it comes to sourcing and tracking materials throughout supply chains. In the chemicals sector, for example, blockchain is being used to track processed chemicals and ensure product quality for customers. From raw materials to manufacturing to the arrival of the goods at the customer’s site – all supply chain data can be continuously tracked and this information made public.

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Finboot customer, chemical giant SABIC, is using blockchain to increase the circularity of its supply chain, reduce emissions, increase efficiency and save money.  So much so, it reports reduced costs, time and improved data integration for all value chain partners in its third quarter 2022 highlights and it 2022 Annual Report (pages 38 and 50).  

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We expect blockchain to be integrated into everyday business as usual for firms the world over. Blockchain’s ability to collect, store and measure data accurately and reliably means it can drive out human error while also giving companies the insights they need to progress both their digital and sustainability credentials.

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To read the full version of this article, first published in Companies Digest, on 2 May 2023, please see: https://companiesdigest.com/the-blockchain-effect-driving-efficiences-in-high-capital-industries/

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