Blockchain Drives Efficiency and Cost Saving in High Capital Industries

Tech firm Finboot builds on the insights 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 optimisation, especially in high capital industries like chemical, steel and cement manufacture.

“We are finding that industrial sectors with complex supply chains, like chemicals, steel and cement, are employing new technologies to increase the visibility of pressure points and accelerate their efficacy, and in so doing, improve the cost efficiency of their supply chain transformation,” says Marko Kovacevic, Managing Director, DSCI. “DSCI members tell us that they think blockchain is the ‘killer app’ when it comes to spotlighting pain points in their value chains. As the single source of trusted truth, it flags where efficiencies can be made and drives businesses towards a more circular, greener, approach.”

Dr Bettina Uhlich, former CIO of German chemicals giant, Evonik and now a member of the Finboot board says: “I am not surprised by the trends the DSCI is picking up from the global supply chain community.  I personally think Blockchain is the killer industrial app to streamline 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.

“In addition, blockchain provides unmanipulable proof of the circular economy, enabling full automation of the supply chain, providing protection against industrial espionage, and preventing money laundering and corruption.”

Juan Miguel Perez, CEO and Co-Founder, Finboot, says: “This sector trends intelligence from DSCI, helps us understand what we are hearing from our customers, namely businesses are struggling with the digital transformation of their supply chains and with the substantial changes they need in terms of transparency and sustainability – from an ESG and cost saving standpoint.  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 stated: ‘The [Finboot blockchain platform, Marco] offers reduced costs, time and improved data integration for all value chain partners.’”