Blockchain drives efficiency, cost savings in high capital industries

The technology company Finboot builds on the insight from the New York-based Digital Supply Chain Institute (DCSI) that new technology is one of the important solutions for supply chain resilience, transparency, sustainability and cost optimization, especially in capital-intensive industries such as chemical, steel and cement production.

“We find that industrial sectors with complex supply chains, such as chemicals, steel and cement, are using new technologies to increase the visibility of pressure points and accelerate their efficiency, thereby improving the cost-effectiveness of their supply chain transformation,” says Marko Kovacevic, CEO, DSCI. “DSCI members tell us they believe blockchain is the ‘killer app’ when it comes to spotlighting pain points in their value chains. As the single source of reliable truth, it flags where efficiencies can be made and drives businesses towards a more circular, greener approach.”

Dr Bettina Uhlich, former CIO of the German chemicals giant, Evonik and now a member of the Finboot board says: “I am not surprised by the trends DSCI is picking up from the global supply chain community. Personally, I believe Blockchain is the best industrial app for streamlining supply chains. In the chemical sector, for example, blockchain is used to track processed chemicals and ensure product quality for customers. From raw materials to production to the arrival of the goods at the customer’s facility – all supply chain data can be tracked continuously.

“In addition, blockchain provides immutable proof of the circular economy, enables full automation of the supply chain, provides protection against industrial espionage and prevents money laundering and corruption.”

Juan Miguel Perez, CEO and Co-Founder, Finbootsays: “This sector trends intelligence from DSCI helps us understand what we hear from our customers, namely companies struggling with the digital transformation of their supply chains and with the significant changes they need in terms of transparency and sustainability – from an ESG and cost-saving point of view Blockchain holds the key to business becoming more sustainable and efficient.

“Since 2021, Finboot has been working with the chemical giant SABIC to increase the circularity of their supply chain, reduce emissions, increase efficiency and save money. In its third quarter 2022 highlights report, SABIC said: ‘The [Finboot blockchain platform, Marco] offers reduced costs, time and improved data integration for all value chain partners.’