5 ways blockchain will benefit the Petrochemical industry

NAVEEN JOSHI | June 26, 2018

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Even though blockchain technology is in its nascent stage of development, several industries are leveraging it as per their industry requirements. Experts, on the other hand, are striving to explore the hidden opportunities in this technology. “China and Singapore utilized the blockchain to complete a gasoline shipment between their borders.” Technology is being seen as a way to simplify complex and lengthy transactions in energy trading and to reduce costs by digitizing key documents. Blockchain in the petrochemical industry will help optimize the tedious internal business processes, such as data assimilation, transportation, operations, and shipments, that demand high security.

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Petrochemicals Europe (Cefic)

Petrochemicals Europe is the voice of the European petrochemical industry and brings together about 90 member companies. These are companies manufacturing ethylene and propylene from steam cracking and/or other olefins, and/or aromatics for chemical use, and/or major first stage petrochemical derivatives (excluding polymer). Since June 2014 Petrochemicals Europe is the new name for Appe -Association of Petrochemicals Producers in Europe- which was founded in 1985. Petrochemicals Europe is chaired by Mr Markku Korvenranta, Executive Vice President Base Chemicals at Borealis AG.

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Spotlight

Petrochemicals Europe (Cefic)

Petrochemicals Europe is the voice of the European petrochemical industry and brings together about 90 member companies. These are companies manufacturing ethylene and propylene from steam cracking and/or other olefins, and/or aromatics for chemical use, and/or major first stage petrochemical derivatives (excluding polymer). Since June 2014 Petrochemicals Europe is the new name for Appe -Association of Petrochemicals Producers in Europe- which was founded in 1985. Petrochemicals Europe is chaired by Mr Markku Korvenranta, Executive Vice President Base Chemicals at Borealis AG.

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