Saudi Chemicals Producer SABIC Launches Blockchain Pilot Project – Blockchain Bitcoin News

A Saudi Arabia-based chemical manufacturer has said its recently launched blockchain pilot is expected to uncover the possibilities of the technology “in supporting end-to-end digital traceability of circular feedstock in customer products.” The benefits expected to accrue from using blockchain include reduced costs and time as well as improved data integration.

End-to-End Digital Traceability

A Saudi Arabian chemicals manufacturer, Saudi Basic Industries Corporation (SABIC), recently said it had launched a blockchain pilot project in conjunction with the technology firm Finboot. According to the chemicals producer, the objective of the pilot is to “investigate the possibilities of blockchain technology in supporting end-to-end digital traceability of circular feedstock [raw materials] in customer products.”

In a press statement, SABIC said the current process of tracing the journey of feedstock is made difficult by the complex petrochemical value chain. Therefore, through the pilot, SABIC, which is 70% owned by Saudi Arabia’s oil giant Aramco, plans to “trace the product from feedstock production to [the] converter, going further than previous industry applications of blockchain in end-to-end tracing.”

The blockchain pilot is expected to reduce costs and time, as well as improve data integration, the statement said. The company also hopes the pilot will help reduce administrative efforts related to the certification process of materials.

Potential of Blockchain

In remarks following the announcement of the pilot’s launch, Waleed Al-Shalfan, the vice president of Polymers Technology & Innovation at SABIC said:

At SABIC, we have a deep commitment to innovation and technology that can help us to deliver more sustainable solutions to our customers. Our vision to create a circular economy for plastics requires a total transformation of the value chain, and pioneering partnerships with partners both upstream and downstream. Blockchain technology holds exciting potential for the provision of our TRUCIRCLE products to customers, and therefore for our commitment to supporting customers in their sustainability ambitions.

Juan Miguel Pérez Rosas, CEO of Finboot, said the pilot will “contribute to the development and progression of a circular economy.”

According to the press statement, Finboot’s MARCO software will be used as a “middleware layer” that tracks the product from Plastic Energy where it’s produced, to its delivery to SABIC for conversion into its Trucircle circular polymers. The delivery of circular polymers to Intraplás “for conversion into their packaging solutions” will also be tracked.

Throughout the process, the technology will ensure the immutability of all collected data that must be distributed to suppliers, customers, and regulators. This, according to the press statement, provides “transparency, auditability and accountability in a complex industrial ecosystem.”

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.














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South Korea to Recruit Companies for Metaverse Content Creation Project – Metaverse Bitcoin News

The South Korean science and ICT ministry has said it will recruit companies that will participate in its 2022 Metaverse Content Creation Project. A director in the ministry said the project is being promoted as part of the country’s industry-leading metaverse strategy.

Building Trust in the Metaverse Content Creation Ecosystem

South Korea’s Ministry of Science and ICT in conjunction with the National Information and Communication Industry Promotion Agency (NIPA) has said it will recruit companies that will be participating in the 2022 Metaverse Content Creation Project. Through the project, South Korea intends to support local metaverse content makers as well as the issuance of non-fungible tokens (NFTs).

According to a report in the Korean language publication News 1, the goal of the project is to engender trust in the metaverse content creation ecosystem. Four companies will be selected to participate in the project and each one will receive approximately $160,000 (200 million won).

Meanwhile, Heo Won-Seok, director of software policy at the Ministry of Science and ICT, is quoted in the report explaining why South Korea is embracing the metaverse. The director said:

This project is being promoted as part of the metaverse new industry-leading strategy. We will work hard to lay the groundwork for Korea to leap forward as a leading nation in the metaverse by providing content that can be enjoyed by various age groups and support for creative activities of creators.

According to the report, companies that wish to participate in the project must have their application submitted by July 8. In addition, the report said content creators and content development companies that wish to participate can form consortiums with token-issuing companies.

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.














Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Crypto Businesses Ask 27 EU Finance Ministers to Loosen Disclosure Requirements – Regulation Bitcoin News

Forty-six European crypto businesses and organizations have asked finance ministers in 27 European countries to loosen some regulatory requirements for the crypto industry. For example, they asked for decentralized finance (defi) projects to be excluded from the requirements to register as legal entities.

Crypto Industry’s Letter to EU Policymakers

Forty-six European crypto businesses and organizations have sent a letter to 27 EU finance ministers regarding disclosure requirements for crypto transactions, Reuters reported this week, noting that it has seen the letter.

In the letter, dated April 13, the businesses and organizations asked EU policymakers to ensure their regulations do not extend beyond the existing rules that are in line with the standards set by the Financial Action Task Force (FATF).

They raised concerns about the rules requiring crypto firms to obtain information on parties involved in digital currency transfers. Specifically, they asked that the EU excludes decentralized projects, including decentralized finance (defi), from the requirements to register as legal entities. They also noted that certain decentralized stablecoins should not be subject to the Markets in Crypto Assets (MiCA) regulatory framework.

The proposals leading to public disclosure of transaction details and wallet addresses “will put every digital asset owner at risk” by reducing crypto holders’ privacy and safety, the letter’s organizers noted.

The European Parliament voted to advance the MiCA bill last month without the provision that would have effectively banned proof-of-work-based cryptocurrencies. The EU introduced MiCA to regulate all crypto issuers and service providers in the region.

Coinshares CEO Jean-Marie Mognetti, one of the letter organizers, noted that European crypto regulations are currently more complex than other regions. She stressed that tough regulations have deterred businesses from expanding in Europe.

Another letter organizer, Diana Biggs, chief security officer at Defi Technologies, opined:

There hasn’t been strong enough or coordinated efforts across our industry in Europe.

Do you think EU policymakers will loosen the disclosure requirements as requested? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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