Belgian-based materials and chemicals firm Solvay is conducting trials on ChemChain’s blockchain platform to track and trace the supply chain of various products. ChemChain was created by the team behind the regulatory platform Chemycal. Solvay has both revenues and a market capitalization in excess of €10 billion ($12 billion).
It is estimated that 80% of companies are experiencing increasing demand for data about product chemical composition. In addition, new requirements and corporate social responsibility expectations are forcing chemical companies to be more strict with the management and sharing of information and to invest in more sustainable production practices. In Europe alone, €9.5 billion ($11.5 billion) is spent yearly by the chemical industry to comply with regulations, according to ChemChain.
ChemChain’s blockchain technology facilitates regulatory compliance and addresses the shift in demand. Data can be more easily uploaded and monitored, and consumers can trust the source of information. In addition, all data from manufacturers to end consumers is managed in a single platform, making the process more efficient easier to audit to ensure that Solvay’s claimed sustainable progress is underway.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
