Emerging technologies, such as artificial intelligence (AI) and blockchain technology are poised to make an impact on the chemical process industries (CPI) as the industries continue on the path to digital transformation. A recent report by Accenture titled Artificial Intelligence and Blockchain: Insights and Actions for the Chemical Industry, outlines how AI has the potential to augment human capabilities and blockchain has the potential to revolutionize how companies interact across the value chain. Improved data quality, stronger security and ecosystem-wide services are cited as some of the potential benefits these two technologies can bring.
The report is based on a survey that targeted executives from the chemical industry, from companies with global annual revenues of more than $500 million. In the report’s Forward, Marco Mensink, Director General of Cefic (The European Chemical Industry Council; www.cefic.org) says, “The purpose of the study is to spark ideas on how the chemical industry can reap benefits from applying both technologies in their business models,” and he further states, “This study provokes new reactions to new technologies by giving valuable recommendations to our chemical industry. “