Blockchain for Chemistry and Chemical Engineering

The chemistry and chemical engineering industry is always evolving. Innovation is constantly needed, as products continuously need to be brought to market. Products that would be protected by a patent or intellectual property are being commoditized and profits becoming eroded. To improve development times, increase collaboration and build a better future for the industry, blockchain is needed.

Problems that Chemists and Chemical Engineers Face Today

Information Silos

Often there is a lack of collaboration and interaction between professionals in chemists and chemical engineers in the industry. Valuable data generated from research and other sources can be discarded from the community of chemistry and chemical engineering experts.

Capturing Value

Procurement is an important part of a chemist’s job. This means getting the right materials for the right purposes. Often, there is a lack of transparency of the chemicals that have the best prices and margins.

Intellectual Property Rights

Intellectual property rights are vitally important to new innovations or developments in the chemical engineering industry. If intellectual property or trade secrets are hacked or stolen, a company could face a massive problem.

Solution: Blockchain Technology

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Collaboration

Collaboration

Blockchain supports collaboration in an open and closed setting. All stakeholders in a blockchain can be updated in real time, without needing a trusted third party to help share the data. The data that is shared is consistent across all members of the community. This means that every chemist and engineer are working from the same data and information. This reduces unnecessary work and improves return on investment.

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Improving Value Chain

Improving Value Chain

Blockchain improves the value chain as buyers can see what the price is for each material in an open and transparent way. Value can be identified at all stages of the supply and value chain.

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Protecting Intellectual Property

Protecting Intellectual Property

With blockchain technology, data and rights for intellectual property can be stored on an immutable, secure ledger. Metadata about any chemical or substance could be added to the blockchain.

Advantages that Blockchain can Provide

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Gold-standard transparency for research and data

Gold-standard transparency for research and data

Because a blockchain is a distributed ledger, there are many advantages it can provide to chemists. Blockchain can store chemical information, including information about compounds, elements, chemical interactions and more. Furthermore, this information could be analysed by artificial intelligence systems in the future, to analyse patters in chemistry and chemical combinations.

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Higher margins, better value

Higher margins, better value

Procurement is hugely important. Through an open database of potential suppliers of chemicals on a blockchain, procuring materials for industrial R&D could become much better for everyone involved. This would result in better value for chemical-based products for end consumers and users.

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Securing IP

Securing IP

There is the potential to record all IP on a blockchain. This would guarantee ownership of patents and other discoveries by companies. Furthermore, security tokens issued by blockchains could help fund research and development projects, leading to new discoveries and investment mediums globally.

by Gauthier Vila