German Chemical Co. Testing Blockchain Supply Chain

Announcements, Blockchain, Investing | July 31, 2017 By:

BASF, in collaboration with blockchain startup Quantoz and IoT startup Ahrma, is investigating blockchain’s potential in tracking supply chains. The pilot is part of the Startup Autobahn initiative, an automotive industry-focused accelerator.

BASF is a German chemical company and one of the largest chemical producers in the world. The BASF Group comprises subsidiaries and joint ventures in more than 80 countries, operating six integrated production sites and 390 other production sites in Europe, Asia, Australia, the Americas, and Africa.

BASF is currently testing a platform that uses Quantoz blockchain technology to track the shipment of goods. The company is creating smart pallets that inform distributors about location and movement, as well as loading status and impact. The goal is to mitigate loss and unexpected damage to shipments.

“We believe that big ideas start small. That’s why we work with young entrepreneurs who have the potential to change the future of mobility and production,” said Jürgen Becky, SVP of performance materials at BASF.