Elemica Featured in ICIS News

ICIS News INSIGHT: Blockchain pilots supply chain applicability written by Nigel Davis

LONDON (ICIS)–“We like what we see so far and are identifying areas of clear applicability of the technology,” said CTO of Elemica, Arun Samuga, last month on completion of a blockchain pilot project involving BASF and Evonik.

The technology offers promise but has yet to prove capable of delivering value in the supply chain. Potentially disruptive it is that “clear applicability” that is being tested in chemicals and other sectors.

Elemica wants to offer blockchain as a service, David Cahn, the company’s global marketing director, told ICIS recently. The pilot project lasted 4-5 months and was a “first phase” of the digital supply network’s blockchain initiative.

The two chemical companies tested the specific distributed ledger approach around the purchase of raw materials from each other, placing orders across a blockchain. A next phase would be to expand to other B2B (business-to-business) processes on the sell side and in logistics.

Companies are looking into blockchain as an emerging technology that could offer business the next steps in speed of order processing and supply chain efficiency.

Blockchain based platforms are emerging, like IBM and Maersk’s TradeLens, and the post-trade management platform Vakt, which has attracted investment from big oil, from traders and major banks.

To read the whole ICIS News Insight click here