Saudi-based SABIC, petrochemicals manufacturers which is majority owned by Aramco, has launched a pilot project to investigate utilising blockchain technology to support end to end traceability of circular feedstock.
The company has partnered with technology company Finboot, advanced recycling firm Plastic Energy, and packaging specialist Intraplás.
SABIC launched the pilot project to demonstrate the feasibility of using a blockchain-based, value-chain IT application. SABIC’s 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.
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 holds an exciting potential for the provision of our TRUCIRCLE products which therefore supports 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.
Juan Miguel Pérez Rosas, CEO of Finboot, said, “We are excited to embark on this pilot as it will significantly contribute to the development and progression of a circular economy, while setting the example for best practice for the global manufacturing sector. SABIC is at the forefront of its industry, always looking to the future and investing in technology and innovation to accelerate its digital transformation that supports the circular economy.
