Blockchain offers numerous potential benefits to the chemical industry by increasing traceability, safety and security, and improving compliance while lowering transaction costs.
Digital currencies based on the blockchain technology that started with cryptocurrency have gained high interest in various sectors. They present ways of digitally transferring value without the usual necessary intermediaries, like , clearinghouses, banks or other service providers. For example, cutting out the intermediaries in money transfer operations alone enables double-digit cost savings in processing fees.
With respect to the chemical industry consider four main blockchain features that can be combined to enable new functionality:
- Distributed Ledger
- Trustlessness
- Tokenization of value
- Smart Contracts
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