Project description
Blockchain to keep track of hazardous chemicals
All along the supply chain – manufacturers, consumers and those handling recycling, require information about the chemical products they deal with. Unfortunately, the supply chain is long and difficult to track, creating an opportunity for time delays, added costs and human errors. The EU-funded ChemChain project supports the creation of an open-source global blockchain platform to transfer information on hazardous chemicals along the value chain. It involves decentralising and creating a trust layer blockchain infrastructure to safely store, exchange, build and track chemical-related information along the supply chain. This will eliminate delays, mistakes and costs, simplifying legal procedures. It will also let customers understand better the risks connected to specific chemicals and to avoid health and environmental threats.
Objective
As there is significant market demand for enhanced flow of data and transparency throughout the lifecycle of products, to comply with existing legisltive requirements and to address emerging circular economy challenges,
ChemChain supports the industry by creating a trusted and globally accepted open-source blockchain infrastructure to store, exchange, build and track chemical-related information along the supply chain.
ChemChain blockchain technology is a game-changer for decentralizing infrastructure and building a trust layer in the Chemicals Supply Chain. Every time a raw material or product changes hands, from manufacture to sale, its chemicals could be documented. This creates an immutable source of information on a product’s chemical components, allowing companies to overcome current supply chain constraints. Also, it dramatically reduces time delays, added costs, and human errors that plague the chemicals supply chain today.
ChemChain leads to (i) reduction of costs and simplification of procedures for demonstrating regulatory compliance, (ii) enhanced exchange of information among companies and stimulation of new synergies, (iii) increased knowledge on chemicals in products also among consumers together with a better understanding of their importance and risks, (iv)
facilitated access to information on chemicals in articles also to recyclers and waste operators to manage potential environmental and health risks, and (v) generation of big data on the flow of chemicals in the society as unprecedented knowhow needed to address upcoming sustainability and circular economy challenges.
Business Opportunity: Since estimated average annual total direct compliance cost with the legislation relevant to chemical companies (Europe only) approaches €9.5 billion, our project has potential for disruptive innovation and fast market up-take. The EC funding will allow us to quickly grow to €9.53 million in gross margin by 2023.
Fields of science
- humanitieshistory and archaeologyhistory
- natural sciencescomputer and information sciencesdata sciencebig data
- natural sciencescomputer and information sciencescomputer securitycryptography
- social scienceseconomics and businessbusiness and managementbusiness models
- social scienceseconomics and businesseconomicssustainable economy
Programme(s)
Funding Scheme
SME-1 - SME instrument phase 1Coordinator
3071 LL Rotterdam
Netherlands
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.