Saudi Chemicals Producer SABIC Launches Blockchain Pilot Project – Blockchain Bitcoin News

A Saudi Arabia-based chemical manufacturer has said its recently launched blockchain pilot is expected to uncover the possibilities of the technology “in supporting end-to-end digital traceability of circular feedstock in customer products.” The benefits expected to accrue from using blockchain include reduced costs and time as well as improved data integration.

The blockchain pilot is expected to reduce costs and time, as well as improve data integration, the statement said. The company also hopes the pilot will help reduce administrative efforts related to the certification process of materials.In remarks following the announcement of the pilot’s launch, Waleed Al-Shalfan, the vice president of Polymers Technology & Innovation at SABIC said:

Juan Miguel Pérez Rosas, CEO of Finboot, said the pilot will “contribute to the development and progression of a circular economy.”

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