Blockchain Interest by Several Chemical Companies

Chemical company interest in using blockchain technology seems to be growing.  An internet search found that the following six companies have announced , since 2017, evaluations of blockchain technology:

1.                  BASF  is evaluating the use of blockchain in tracing the pallets it uses in its supply chain network.  The project combines blockchain technology with uniquely-designed pallets, equipped with signaling technologies so that the pallets can be confidently traced and characterized throughout their movements from BASF to the final destinations.

BASF is examining the use of blockchain for increasing the successful recycling of plastics that it produces.  The company believes that blockchain use might overcome a major obstacle to plastic recycling – the lack of confidence in tracing the plastic from production through final use and then to the hoped-for recycling.

2.                  Covestro is also evaluating blockchain for tracking their plastic products to the customer and ultimately to the hoped-for recycling of the plastic.  A goal is to provide reliable details on the plastic using blockchain that the plastic recyclers can trust as being correct.  Covestro is also examining blockchain use with products it sells to the automobile industry. 

3.                   Dow has a blockchain pilot project to test blockchain’s suitability for supporting flexible foams circular solutions. 

4.                  Eastman is evaluating blockchain use to certify that the products it makes from recycled plastics are indeed made from those recycled plastics. 

5.                  Solvay has recently started conducting trials on using blockchain to track and trace its products through its supply chains. 

6.                  Umicore is using blockchain technology to track materials used in batteries from the battery fabrication to the recycling of the battery. 

Here is an Accenture article (click here) and a Frankfurt School – Blockchain Center article (click here) that provide details on blockchain technology and its possible use in the chemical industry. 

It seems to me that blockchain technology could be a tool used in the chemical industry that positively changes many processes.